Here’s A Step-By-Step Guide To Choosing The Right Insurance Plan For You

Published for Prudential

Knowing the importance of insurance is a great first step, but actually deciding which insurance plan to get is a whole other challenge.

From choosing the type of insurance to the amount of premium you should pay, it may seem like a complicated process.

But fret not, we’re here to walk you through every step of the journey, so you get an insurance plan that’s right for you!

What types of insurance plans are there, and what do they cover?
How much should you allocate for insurance?

Well, the answer isn’t that simple.

When you buy insurance, you pay a premium to the insurance company in exchange for protection. If anything happens, you either have your treatment covered or receive a payout, depending on what insurance plans you have.

In general, insurance companies calculate your premium based on the ‘risk’ you pose, e.g. your age and any pre-existing health conditions. However, there are many other factors that go into determining the cost of your premium.

Before you decide on how much to allocate in your insurance, remember to take into account your monthly commitments, total coverage you require, and most importantly, your current life stage.

For instance, a fresh grad may opt for a deductible insurance to get a lower premium. On the other hand, a person with an established career and family may be willing to pay more to secure higher coverage as a safety net for their loved ones.

Ultimately, ask yourself what you need most in your current stage of life

If you really have no idea where to start, you can talk to a Prudential agent to help figure out the right balance between premium and coverage.

How much medical coverage do you actually need?
RM200 One night hospital stay
*Estimated figures based on data provided by Private Healthcare Facilities and Services Order 2013, RinggitPlus,, and The Centre.

Medical coverage is important because it essentially allows you to focus on treatment and getting well, without being concerned about the cost. However, coverage alone is not enough.

It is crucial to have adequate coverage to ensure that you stay above inflation. According to Aon's 2022 Global Medical Trend Rates report, Malaysia is experiencing a

12% medical inflation rate
Six times higher than the annual general inflation rate

Here's a look at unique features of Prudential's medical plans:

What else do you need to keep yourself protected?

For enhanced and total health protection, the best thing is to have a combination of medical and critical illness insurance. The former pays for your medical bills, while the latter provides a lump sum payment for income replacement.

Aside from the financial burden, what not many will realise is that contracting a serious illness leads to a domino effect that might not be apparent at the outset, be it short- to long-term effect, physically, mentally, or emotionally.

The unique difference for Prudential is that they not only cover 190 critical illness conditions inclusive of mental health benefits to support seven conditions* for adults and children. Ultimately, Prudential wants to equip you to get the help you need on your road to recovery.

*Coverage does not apply for existing or pre-diagnosed mental health conditions.

Now, you have a big idea of what insurance is all about. But what really sets Prudential apart is all the additional benefits they offer with their insurance plans.

From high coverage, no annual limit, and deductible options, to total pandemic protection, precision medicine, and even mental health benefits, Prudential wants to ensure that you get comprehensive coverage, no matter what stage of life you’re at.

I want a policy that offers:
(choose one or more)

Don’t worry, you can get assistance from a Prudential Wealth Planner. Simply drop your contact details here to get in touch.

But, if you would like to start with something simple and affordable, PRUSimple offers a wide range of insurance packages from only RM4 per year. This includes accident, snatch theft injury, and critical illness coverage.

Ultimately, you can choose the plan that suits your needs and lifestyle with Prudential. And regardless of what plan you choose, know that you will be able to enjoy peace of mind and live with confidence.

Find out more about Prudential’s offerings on their website today!