Editor
There are many life insurance companies in Malaysia that provide coverage for individuals and families. But with so many options, it can be difficult to choose the right one. To help you make a decision, we’ve compiled a list of the top 10 best life insurance companies in Malaysia, based on factors such as financial stability, customer satisfaction, and product offerings.
What is Life Insurance?
Life insurance is a type of insurance that provides financial protection in the event of the policyholder's death. The death benefit can be used to help pay for final expenses, such as funeral costs, and can also provide financial security for the policyholder's loved ones.
How Does Life Insurance Work?
When you purchase a life insurance policy, you pay premiums to the insurer. In exchange, the insurer agrees to pay a death benefit to your beneficiaries in the event of your death. The death benefit is generally tax-free and can be used to cover expenses such as funeral costs or outstanding debts.
Who Needs Life Insurance?
Anyone who has dependents or others who rely on their income may need life insurance. For example, parents with young children or adults with elderly parents may want to purchase life insurance to help financially protect their loved ones in the event of their death. Business owners may also need life insurance to help keep their businesses afloat in the event of their death.
How Much Life Insurance Do I Need?
The amount of life insurance you need depends on your individual situation and needs. You'll want to consider factors such as your age, health, lifestyle, and debts when determining how much coverage you need. A financial advisor can help you calculate how much coverage you should consider purchasing.
Which Insurance Product Covers The Most Diseases?
There is no one insurance product that covers all diseases. However, some insurance products, such as critical illness insurance, offer more comprehensive coverage than others. Critical illness insurance provides benefits for a wide range of serious illnesses, including cancer, heart disease, and stroke.
What Should I Look for in Choosing an Insurance Company or Agent?
When choosing an insurance company or agent, you'll want to consider factors such as the company's financial stability, customer service record, and the types of products offered. It's also important to shop around and compare rates from multiple insurers before making a decision.
What are Some of the Most Common Life Insurance Riders?
Some of the most common life insurance riders include accidental death and dismemberment coverage, which pays benefits in the event of death or serious injury due to an accident; critical illness coverage, which pays benefits if you're diagnosed with a covered illness; and long-term care coverage, which pays benefits if you need ongoing care due to a chronic illness or injury.
List of Top Life Insurance Companies in Malaysia 2022
In order to ensure that you are able to learn about the finest and most trustworthy insurers in Malaysia, we have come together a list of the top 10 best life insurance companies to fulfill your needs. This list has been created to meet all of your requirements. The most of them are similar to the following:
Mayban Life Assurance
Mayban Life Assurance is one of the top life insurance companies in Malaysia. It was established in 1956 and has since grown to become a leading provider of life insurance products and services in the country.
The company offers a wide range of life insurance products, including term life insurance, whole life insurance, and universal life insurance. Mayban Life Assurance also provides a variety of other financial services, such as investment planning, retirement planning, and estate planning.
Etiqa Insurance
Etiqa Insurance offers a wide range of life insurance products and services to suit the needs of their customers. Etiqa has a team of experienced and qualified financial advisers who are always ready to help their clients choose the best possible coverage for their needs.
Official Website
https://etiqa.com.my
Etiqa General Claim Assist
For Insurance & Takaful Claim Enquiry and Accidents Registration
1 300 88 1007
AXA Insurance
AXA Insurance is one of the leading life insurance companies in Malaysia. They have a range of products that can meet their customers' needs in all areas, including life, health, motor, home, and travel insurance. They have networks of agents and branches across the country.
Official Website
https://www.axa.com.my
AXA Customer Service
For Product, Policy and Claim Related Enquiries
(+603) 2170 8282
Prudential
One of the most reputable and successful providers of life insurance in Malaysia is Prudential. Their customers may choose from a comprehensive selection of life insurance products and services that they provide. They offer term life insurance, whole life insurance, universal life insurance, and variable universal life insurance among their products.
They also offer investment-linked policies, which are a type of life insurance that provides protection and investment options. Prudential has been in business since 1848 and has a strong history of financial stability. It is a public company listed on the London Stock Exchange and is headquartered in the United Kingdom.
Prudential has over 24 million customers worldwide and offers its services in 28 countries. In Malaysia, Prudential has over 2 million customers and offers its products through a network of over 4,000 agents.
Website Official
https://www.prudential.com.my
Prudential Call Centre
+603 2771 0228
AIA (American International Assurance)
AIA is the largest life insurance company in Malaysia and has been in operation for over 80 years. The company offers a wide range of life insurance products, including term life, whole life, and universal life. AIA also provides health insurance, critical illness coverage, and investment-linked policies.
Official Website
https://www.aia.com.my
AIA Bhd
1300881899
AIA PUBLIC Takaful Bhd
1300888922
AIA General Berhad
1300881899
AIA Auto Assist/AIA Roadside Assist
1800888733
Zurich International Life
With over 55K employees and customers in more than 210 countries, Zurich is the leading global, diversified insurer. You'll get a broad range of property and casualty products and services as well as life insurance offerings, all with a local focus on health, home, and auto owner's insurance.
Some of the key features of Zurich International Life include:
- A wide range of life insurance products including term life, whole life, and universal life policies
- Flexible premiums that can be paid monthly, quarterly, or annually
- A variety of rider options can be added to policies to customize coverage
- Access to expert financial planning resources and customer support
Whether you are looking for basic term life insurance coverage or more comprehensive protection, Zurich International Life can offer a policy to meet your needs.
Official Website
https://www.zurich.com.my
Zurich Contact Center
Medical Claims & Hospital Admission Assistance
(24-Hour Hotline)
1 800 82 6100
Manulife
Manulife has a long history dating back to 1887 when it was first established in Canada. The company has been operating in Malaysia since 1960 and offers a wide range of life insurance products, including term life, whole life, and universal life. Manulife also offers investment-linked policies that provide both insurance and investment benefits.
Manulife was ranked as the top life insurer in Malaysia in 2018 based on total assets under management. The company has a strong financial rating and is well-positioned to weather any economic downturns. Manulife's products are available through a network of independent agents, financial planners, and banks.
Official Website
https://www.manulife.com.my
Manulife Careline
1-300-13-2323
Allianz
Assuming you would like an Allianz life insurance company in Malaysia:
Allianz Life Insurance Malaysia Berhad is one of the largest composite insurers in Malaysia, with a strong focus on family protection, education, and retirement planning. The company has been in operation for more than 25 years and offers a wide range of affordable life insurance products that are suitable for individuals and families at different stages of their lives.
Some of the key features of Allianz life insurance policies include:
- Competitive premiums: Allianz offers some of the most competitive premiums in the market, making it easier for policyholders to afford the coverage they need.
- Comprehensive coverage: Allianz provides comprehensive coverage for both death and critical illness, giving policyholders peace of mind in knowing that their loved ones will be taken care of financially if something happens to them.
- Flexible payout options: Policyholders can choose to receive their payouts in a lump sum or monthly instalments, depending on their needs and preferences.
- Wide range of riders: Riders are optional add-ons that can be added to an insurance policy to provide additional coverage. Allianz offers a wide range of riders, including those for hospitalization, disability, personal accident, and more.
If you're looking for a reliable and affordable life insurance policy, Allianz is a great option to consider.
Official Website
https://www.allianz.com.my
Allianz Customer Service
Local Call: 1-300-22-5542
From Overseas: +603-2264 0700
Great Eastern
The Great Eastern Life Assurance Company (Malaysia) Berhad is one of the oldest and largest life insurers in Malaysia. It offers a wide range of life insurance products and services to meet the needs of individuals, families, and businesses.
Great Eastern has a strong brand name and is well known for its excellent service quality. The company has a large network of branches and agents across Malaysia, which provides great convenience to customers.
Great Eastern also offers attractive discounts on premiums for online purchases as well as promotional rates for certain types of policies. Overall, Great Eastern is a good choice for those looking for comprehensive life insurance coverage at an affordable price.
Official Website
https://www.greateasternlife.com
Great Eastern Care Line
1300-1300 88
Hong Leong Assurance
Hong Leong Assurance (HLA) was established in 1974 and has since grown to become one of the leading providers of life insurance products and services in the country.
HLA offers a wide range of life insurance products that are designed to meet the needs of its customers. These products include term life insurance, whole life insurance, endowment plans, investment-linked policies, and more.
HLA's commitment to providing quality products and services has earned it a strong reputation in the industry. It has also been awarded the ISO 9001:2008 certification for its high standards of quality management.
Official Website
https://www.hla.com.my
HLA Hotline 24 Hours
Medical Second Opinion
+603-7650 1282
Hospitalisation
+603-7650 1266
Medical Evacuation & Repatriation
+603-7650 1282
Tokio Marine
Tokio Marine is one of the most well-established life insurance companies in Malaysia. They offer a wide range of life insurance products, including whole life, term life, and investment-linked policies. Tokio Marine is also one of the few insurers in Malaysia that offers comprehensive medical plans.
Despite being one of the older companies in the industry, Tokio Marine has kept up with the times and offers an online application process for its policies. They also have a 24/7 customer service hotline that policyholders can call for assistance.
Official Website
https://www.tokiomarine.com
Customer Care Hotline
+603-2603 3999
AmMetLife Insurance
There are many life insurance companies in Malaysia, but AmMetLife is one of the top-rated ones. They offer a wide range of products and services to their policyholders, including term life, whole life, and Universal Life insurance.
They also have a strong focus on customer service and satisfaction, which has earned them high marks from customers. In addition, AmMetLife offers some of the most competitive rates in the industry.
Official Website
https://www.ammetlife.com
AmMetLife Contact Centre
1300 88 8800
MCIS Insurance
When it comes to life insurance in Malaysia, MCIS Insurance is one of the top companies. They offer a variety of policies that can meet the needs of anyone, whether you're looking for coverage for yourself or your family.
No matter what your budget is, MCIS Insurance has a policy that will fit your needs. They have several different types of coverage, including whole life, term life, and universal life.
You can also choose from a variety of riders to add to your policy, such as accidental death and dismemberment, critical illness, and disability income.
What sets MCIS Insurance apart from other companies is its customer service. They have a team of experienced agents who are always available to help you with any questions you may have about your policy.
They also offer online quoting, so you can get an idea of how much your coverage will cost without having to speak to an agent.
If you're looking for a top life insurance company in Malaysia, MCIS Insurance should be at the top of your list. They offer great coverage at an affordable price, and their customer service is second-to-none.
Official Website
https://www.manulife.com.my
MCIS Customer Call Centre
+603-7652 3388
MSIG Insurance
MSIG Insurance offers a wide range of life insurance products to meet the needs of its customers. Some of their popular products include term life insurance, whole life insurance, and universal life insurance.
MSIG Insurance has been in operation for over 50 years and is a trusted name in the industry. They have an excellent customer service team that is always ready to help their policyholders with any questions or concerns they may have.
If you are looking for a reliable and well-established life insurance company in Malaysia, then MSIG Insurance should be at the top of your list.
Official Website
https://www.msig.com.my
Customer Service Hotline
1-800-88-MSIG (6744)
General Line
+603 2050 8228
FAQ About Life Insurances
1. What is the difference between Whole Life and Term Life Insurance?
There are two main types of life insurance: Term life insurance provides coverage for a specific period of time, typically 10–30 years. Whole life insurance provides coverage for your entire life and generally builds cash value that can be accessed during your lifetime.
Whole Life Insurance is more expensive than term life insurance, but it also offers more benefits. For example, with whole life insurance, your premiums will never increase, even as you get older. Additionally, whole life insurance policies have a cash value component, which you can use if you need to borrow money against the policy.
Term Life Insurance is less expensive than whole life insurance, but it only provides coverage for a set period of time. This is typically 10–20 years. If you die during this time frame, your beneficiaries will receive the death benefit payout. If you outlive the term of the policy, then there is no death benefit payout and the coverage ends.
Both whole life and term life insurance policies are important to have in place to financially protect your loved ones in case of your death. Make sure to consult with a licensed agent to determine which type of policy is right for you and your family.
2. What other factors must I know about medical insurance?
When considering medical insurance, you'll also want to take into account your deductible, co-payments, and out-of-pocket maximums. Your deductible is the amount you'll need to pay out of pocket before your insurance coverage kicks in.
Co-payments are a fixed amount you'll need to pay for covered services, such as doctor's visits or prescription dr-ugs. And your out-of-pocket maximum is the most you'll have to pay for covered expenses in a given year.
3. I already have health insurance. Do I still need life insurance?
Yes. Health insurance covers your medical expenses, but it does not provide financial protection in the event of your death. Life insurance helps to ensure that your loved ones will be financially taken care of if you die unexpectedly.
4. Which insurance company offers the cheapest premium?
There is no one insurance company that offers the cheapest premiums for all types of insurance. Insurance rates vary based on a number of factors, including the type of insurance, the amount of coverage, and the insurer's underwriting criteria. It's important to compare rates from several insurers before purchasing a policy.
5. I am a smoker. Will my life insurance premiums be higher?
Yes. Smokers typically pay higher life insurance premiums than non-smokers because they are considered to be higher risk.
6. Who is the largest insurance company in Malaysia?
The largest insurance company in Malaysia is AIA Bhd, with a market capitalization of RM62.4 billion as of May 2018.
7. What should I do when making the claim?
When making a life insurance claim, you'll need to provide the insurer with proof of death, such as a death certificate. You'll also need to provide information about the policy, such as the policy number and the beneficiary's contact information.
8. Who should I call to make a claim?
You should contact your insurance company or agent to make a claim. In Malaysia, all insurance companies have their own emergency phone numbers and hotlines. Make sure to write down the contact information as well as your policy insurance number and preserve it in your phonebook.
Conclusion
In this article, we have looked at the top 10 best life insurance companies in Malaysia. We have also provided a brief overview of each company and what they have to offer. We hope that this information will help you make an informed decision about which life insurance company is best for you. - Bukit Besi Blog