Congratulations, newlyweds! Whether you’re just married or it’s been awhile, if you’ve yet to get your insurance or takaful plans sorted out, we’re here to help you with the top 3 recommendations. Additionally, if you’re looking to get this in order before marriage, this list will be beneficial to you too.
1. For Yourself & Your Spouse
If there’s one thing everyone needs, it’s medical insurance or medical takaful. A comprehensive medical plan, aside from any coverage you may get with your employment is essential for your household. In the event of the unexpected, you don’t want to be stuck with hefty medical debts, especially if you’re just married . Instead, add the cost of your medical premium or contributions to your monthly or yearly financial commitments to ease your financial planning. Should any medical issues come up, your finances remain undisturbed and your plan takes care of the cost.
Benefits: Super affordable, cashless admissions, outpatient benefits, online applications and no medical assessments required.
Additionally, discuss with your spouse the need for any add-on plans. If cancer is something you’re worried about or runs in your family, a basic healthcare plan will not offer coverage for the required treatments. Having said that, a niche plan to consider would be the e-CancerCare or e-CancerCare Takaful plan.
2. For Your Kin
As a couple that’s just married, you are now each other’s kin; this means financial responsibility for each other as well. Regardless of how you choose to manage your personal finances, if you want to ensure your partner has a sufficient cushion of money in the event of your demise, a life insurance or family takaful plan is necessary. Moreover, if children are in your future plans, this would be even more beneficial as you’d be able to ensure they’re financially comfortable should anything happen to you. Even if you’re not planning for children anytime soon, the earlier you sign up for a plan, the more affordable it will be.
Benefits: Flexible plans, no medical assessments required, extensive coverage period and up to RM500,000 coverage.
3. For Your Home
Invested in a home for your new family? Here’s one that is often overlooked in every other family’s insurance or takaful plans. If you’re wondering if a home protection plan is really essential, hop over here for a quick read.
A coverage plan for your home gives you security against events you cannot control. With options to cover only the building itself or the building and its contents, you will get reimbursement for damages involving fire, lightning, floods, domestic explosions, break-ins, robbery and so much more.
Additionally, if you’re looking to rent out your property, you get landlord coverage and financial assistance in the event of inoccupancy. The benefits are many and the cost is low; do we recommend it? Oh yes!
Recommended plan(s): Houseowner / Householder Insurance or Takaful
Benefits: Super affordable, flexible plans, coverage against natural disasters, coverage against theft and break-ins and coverage for landlords.
Is Insurance or Takaful Coverage That Important?
As newlyweds, even more so if you’re a young couple, the rationale and questions of whether insurance or takaful is really necessary may pop up frequently. It’s important to note two things when these thoughts arise:
- Anything can happen at any time; in the event of a disaster, you don’t want to be worrying about finances.
- The younger you sign up for an insurance or takaful plan, the more affordable it’s likely to be.*
It’s understood that to be able to have these financial protections in place, you must first be able to sustain your finances to pay monthly premiums or contributions. Following this, always assess your options. Here are some tips to help you pick and/or prioritize your plans according to a tight budget:
- Understand your needs. If you can only afford one monthly commitment, pick the coverage plan that you would most likely need based on your current lifestyle.
- Prioritize. If you have other financial commitments, lay them out side by side to assess their value to your financial future.
- Shop around. Look at different companies, plans and options and find the plan that offers the most coverage according to your budget.
- Build as you go. Get the coverage you need today then add-on more plans for different things as your financial stability improves.
- Automate payments. Don’t risk lapsed penalty fees, expired policies/certificates and the likes of it.
If we’ve got any advice for anyone who has recently strung on the ‘just married’ banner, it would be this; protection is important. For detailed information or application for any of the plans mentioned, visit our website here or contact your dedicated Etiqa agent.
*Affordability of insurance and takaful plans differ across products and categories.
The information contained in this blog is provided for informational purposes only and should not be construed as advice on any matter. Etiqa accepts no responsibility for loss which may arise from reliance on information contained in this article.