A - Rich
B - Not-so-rich (a.k.a. Middle Income)
C - Poor
What is the purpose of Life Insurance for each group? It should be different right?
Rich wants life insurance for their wealth allocation;
Not-so-rich needs life insurance for money management (saving and protection)
Poor can't afford life insurance, while they are the one NEEDED IT MOST.
- According to Annual Insurance Statistic from BNM, more than 60% of Malaysian were uninsured.
- As at the end of year 2009, there are only 11.85 million policies in force. Just imagine, I have 5 policies while some people easily have 2~3 policies. Looking at Malaysian population of > 27 million, isn't it more than 60% of Malaysian were uninsured?
1) Low premium case - a waste of time and petrol;
2) Lapse case affects their performance bonus.
A term life of RM100,000 for a 30 years old male for a tenure of 20 years merely cost RM301 per year or RM25.09 per month. I hope those who think they can't afford will reconsider.
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