{"id":17628,"date":"2022-02-20T19:00:00","date_gmt":"2022-02-20T11:00:00","guid":{"rendered":"https:\/\/www.comparehero.my\/blog\/uncategorized\/reasons-to-have-insurance-policy.html"},"modified":"2026-03-27T08:28:48","modified_gmt":"2026-03-27T00:28:48","slug":"reasons-to-have-insurance-policy","status":"publish","type":"post","link":"https:\/\/www.comparehero.my\/blog\/insurance\/reasons-to-have-insurance-policy.html","title":{"rendered":"4 Reasons Why It&#8217;s Important To Have An Insurance Policy"},"content":{"rendered":"\n<p>We all know what insurance is for and why it\u2019s vital to have one. In spite of that, not everyone has an insurance policy as they might just want to rely on their savings for rainy days. Paying monthly premiums might seem like a hassle for some.<\/p> \n<!--more--><p>However, there are reasons why having a long-term insurance plan is better than depositing money into your bank account every month. On that note, here are 4 good reasons to sign up for a solid insurance plan.<\/p> \n<h2>1. Unexpected commitments\/incidents<\/h2> \n<p>Regardless of how prepared you are to face changes in life, things can happen unexpectedly and catch you unawares. Unfortunate things such as illnesses or accidents can happen and you\u2019ll need to have enough finances to tide you through until things are better.<\/p> \n<p>Negative incidences aside, you might also end up with commitments like marriage, having children, starting your own business and so on. Even for these things, you need to have enough as a buffer to ensure you\u2019re financially stable.<\/p> \n<p><strong>Related<\/strong>: <a href=\"https:\/\/www.comparehero.my\/insurance\/articles\/types-of-insurance-policies-you-need\">5 Types Of Insurance You Need But May Not Have<\/a><\/p> \n<h2>2. Works as a retirement plan<\/h2> \n<p>If you\u2019re in your 30s or 40s, you might not be thinking of your retirement for now. But the fact is even if you\u2019re still not there yet, you should already be planning towards it.&nbsp;<\/p> \n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/144634072.fs1.hubspotusercontent-eu1.net\/hubfs\/144634072\/assets_comparehero\/reasons-to-have-insurance-policy-01.jpg?resize=640%2C426&#038;ssl=1\" alt=\"reasons-to-have-insurance-policy-01\" width=\"640\" height=\"426\"><\/p> \n<p>The most popular type of retirement fund is the Employees Provident Fund, which comprises monthly contributions made from your salary. By the time you retire, you should have a pretty good amount of savings. However, this isn\u2019t always the case.<\/p> \n<p>With rising living expenses and expensive healthcare, what you have in your EPF account may not last very long. As a matter of fact, <a href=\"https:\/\/www.nst.com.my\/news\/nation\/2021\/10\/733139\/epf-savings-half-have-less-rm10000\">a recent NST article<\/a> stated that half of EPF members have less than RM10,000 in their accounts.&nbsp;<\/p> \n<p><strong>Related<\/strong>: <a href=\"https:\/\/www.comparehero.my\/money-tips\/articles\/benefits-save-epf-money\">4 Benefits You Can Get If You Save Your EPF Money<\/a><\/p> \n<p>To bolster yourself against financial hardship in your senior years, you can opt for a retirement insurance plan. Usually, these plans come with investment returns as well, so you should be well-covered.<\/p> \n<h2>3. Healthcare isn\u2019t cheap<\/h2> \n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/144634072.fs1.hubspotusercontent-eu1.net\/hubfs\/144634072\/assets_comparehero\/reasons-to-have-insurance-policy-02.jpg?resize=640%2C427&#038;ssl=1\" alt=\"reasons-to-have-insurance-policy-02\" width=\"640\" height=\"427\"><\/p> \n<p>Image credit: <a href=\"https:\/\/www.centre.my\/post\/healthcare-costs-in-malaysia\">The Centre<\/a><\/p> \n<p>Let\u2019s come back to the topic of sudden ailments. Like we mentioned earlier, healthcare (in specific, private healthcare) can be really expensive. What\u2019s worse is that it\u2019s only getting more and more costly with time. According to <a href=\"https:\/\/askprudential.com.my\/prudential\/medical-revision\/how-much-do-medical-costs-rise-by-each-year\/\">Prudential Malaysia<\/a>, medical inflation in the country increases by 10-15% each year. This is way, way higher than general inflation that increases by 2-3% each year.<\/p> \n<p>A <a href=\"https:\/\/www.moh.gov.my\/moh\/penerbitan\/MYHAAG2018.pdf\">report by the Ministry of Health in 2018<\/a> showed that the prevalence of non-communicable (non-infectious) diseases has also been increasing. Having a comprehensive medical insurance policy will put your mind at ease as it can at least take care of the major costs.<\/p> \n<h2>4. Some of them are mandatory<\/h2> \n<p>Ultimately, whether or not you want to get insurance is still your choice. However, there are some policies that are compulsory for you to have.<\/p> \n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/144634072.fs1.hubspotusercontent-eu1.net\/hubfs\/144634072\/assets_comparehero\/reasons-to-have-insurance-policy-03.jpg?resize=640%2C426&#038;ssl=1\" alt=\"reasons-to-have-insurance-policy-03\" width=\"640\" height=\"426\"><\/p> \n<p>Image credit: <a href=\"https:\/\/www.thestar.com.my\/news\/2019\/08\/20\/man-injured-in-penang-apartment-gas-blast-dies\">The Star<\/a><\/p> \n<p>Firstly, it\u2019s a must for house owners to have fire insurance. This type of insurance will cover damages that are caused by fires, explosions and lightning. In some cases, your policy can also compensate for damages caused by water tanks, leaky pipes, and so on.Besides that, if you own a car, you have to have motor insurance. Without it, you won\u2019t be able to renew your yearly road tax. It\u2019s also important for you to have a comprehensive policy, so that you can get coverage for damages caused by both yourself and third parties.&nbsp;<\/p> \n<p><strong>Related<\/strong>: <a href=\"https:\/\/www.comparehero.my\/car-insurance\/articles\/renew-car-insurance-road-tax-license\">Unlike Some Leeway For Road Tax, You Must Have A Valid Car Insurance During The MCO<\/a><\/p> \n<p>We hope this article was beneficial to you! Looking for a comprehensive car insurance policy? Tap the link below to see some exciting deals you can opt for:<\/p> \n<p><a href=\"https:\/\/www.comparehero.my\/car-insurance\" role=\"button\"><br> Best Car Insurance Plans in Malaysia<br> <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>We all know what insurance is for and why it\u2019s vital to have one. In spite of that, not everyone has an insurance policy as they might just want to rely on their savings for rainy days. Paying monthly premiums might seem like a hassle for some.<\/p>\n","protected":false},"author":268230141,"featured_media":1641,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_wpcom_ai_launchpad_first_post":false,"_jetpack_hide_featured_image":false,"_jetpack_featured_image_duplicate_dismissed":0,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"{title}\n\n{excerpt}\n\n{url}","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false,"jetpack_post_was_ever_published":false},"categories":[556],"tags":[],"class_list":["post-17628","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-insurance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>4 Reasons Why It&#039;s Important To Have An Insurance Policy - CompareHero<\/title>\n<meta name=\"description\" content=\"We all know what insurance is for and why it\u2019s vital to have one. 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It is not a requirement for travel, but it is highly recommended, especially for international travel. Reasons you need\u00a0 travel insurance\u2026","rel":"","context":"In &quot;Insurance&quot;","block_context":{"text":"Insurance","link":"https:\/\/www.comparehero.my\/blog\/insurance"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/rpstagingdot.wpcomstaging.com\/wp-content\/uploads\/2026\/02\/travelinsurance-01.png?fit=1201%2C629&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/rpstagingdot.wpcomstaging.com\/wp-content\/uploads\/2026\/02\/travelinsurance-01.png?fit=1201%2C629&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/rpstagingdot.wpcomstaging.com\/wp-content\/uploads\/2026\/02\/travelinsurance-01.png?fit=1201%2C629&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/rpstagingdot.wpcomstaging.com\/wp-content\/uploads\/2026\/02\/travelinsurance-01.png?fit=1201%2C629&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/rpstagingdot.wpcomstaging.com\/wp-content\/uploads\/2026\/02\/travelinsurance-01.png?fit=1201%2C629&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":18756,"url":"https:\/\/www.comparehero.my\/blog\/insurance\/what-to-look-for-in-travel-insurance-top-questions-answered.html","url_meta":{"origin":17628,"position":1},"title":"Your Top 10 Burning Malaysian Travel Insurance Questions Answered","author":"CompareHero","date":"10 January 2024","format":false,"excerpt":"Travelling overseas is an exciting prospect for anyone, but it can also be filled with the unexpected. One such unfortunate event involved the late Nur Haslinda Abdullah, a young Sarawakian who travelled to South Korea to work. She suffered respiratory issues a few months into her journey, passing away suddenly\u2026","rel":"","context":"In &quot;Insurance&quot;","block_context":{"text":"Insurance","link":"https:\/\/www.comparehero.my\/blog\/insurance"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/rpstagingdot.wpcomstaging.com\/wp-content\/uploads\/2026\/02\/FI_Your_Top_10_Burning_Malaysian_Travel_Insurance_Questions_Answered.png?fit=1200%2C629&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/rpstagingdot.wpcomstaging.com\/wp-content\/uploads\/2026\/02\/FI_Your_Top_10_Burning_Malaysian_Travel_Insurance_Questions_Answered.png?fit=1200%2C629&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/rpstagingdot.wpcomstaging.com\/wp-content\/uploads\/2026\/02\/FI_Your_Top_10_Burning_Malaysian_Travel_Insurance_Questions_Answered.png?fit=1200%2C629&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/rpstagingdot.wpcomstaging.com\/wp-content\/uploads\/2026\/02\/FI_Your_Top_10_Burning_Malaysian_Travel_Insurance_Questions_Answered.png?fit=1200%2C629&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/rpstagingdot.wpcomstaging.com\/wp-content\/uploads\/2026\/02\/FI_Your_Top_10_Burning_Malaysian_Travel_Insurance_Questions_Answered.png?fit=1200%2C629&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":17552,"url":"https:\/\/www.comparehero.my\/blog\/insurance\/dont-pay-car-insurance-premium.html","url_meta":{"origin":17628,"position":2},"title":"#WhatIWishIKnew &#8211; What Happens If You Don\u2019t Pay Your Car Insurance Premium?","author":"CompareHero","date":"4 May 2021","format":false,"excerpt":"Skipping or delaying your car insurance payment can cause your policy to lapse. Good news is, if you\u2019re not able to make the payment due to financial constraints, you will usually get a grace period depending on the agreement with your provider. We list down the five must-know consequences of\u2026","rel":"","context":"In &quot;Insurance&quot;","block_context":{"text":"Insurance","link":"https:\/\/www.comparehero.my\/blog\/insurance"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/rpstagingdot.wpcomstaging.com\/wp-content\/uploads\/2026\/02\/what-happens-if-you-dont-pay-car-insurance.jpg?fit=1200%2C628&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/rpstagingdot.wpcomstaging.com\/wp-content\/uploads\/2026\/02\/what-happens-if-you-dont-pay-car-insurance.jpg?fit=1200%2C628&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/rpstagingdot.wpcomstaging.com\/wp-content\/uploads\/2026\/02\/what-happens-if-you-dont-pay-car-insurance.jpg?fit=1200%2C628&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/rpstagingdot.wpcomstaging.com\/wp-content\/uploads\/2026\/02\/what-happens-if-you-dont-pay-car-insurance.jpg?fit=1200%2C628&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/rpstagingdot.wpcomstaging.com\/wp-content\/uploads\/2026\/02\/what-happens-if-you-dont-pay-car-insurance.jpg?fit=1200%2C628&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":17676,"url":"https:\/\/www.comparehero.my\/blog\/insurance\/travel-insurance-5-policy-benefits-explained.html","url_meta":{"origin":17628,"position":3},"title":"5 Moments to Take Advantage of your Travel Insurance","author":"CompareHero","date":"14 November 2019","format":false,"excerpt":"So, you\u2019re booking your flights online for your travel overseas and the Travel Insurance option box pops up. Your first impulse is to decline it. But slowly your mind starts to mull over possible scenarios of what could happen during your travel. Flashes of the worst instances that happened to\u2026","rel":"","context":"In &quot;Insurance&quot;","block_context":{"text":"Insurance","link":"https:\/\/www.comparehero.my\/blog\/insurance"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/rpstagingdot.wpcomstaging.com\/wp-content\/uploads\/2026\/02\/5-times-to-take-advantage-of-your-travel-insurance-cps.jpg?fit=1200%2C628&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/rpstagingdot.wpcomstaging.com\/wp-content\/uploads\/2026\/02\/5-times-to-take-advantage-of-your-travel-insurance-cps.jpg?fit=1200%2C628&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/rpstagingdot.wpcomstaging.com\/wp-content\/uploads\/2026\/02\/5-times-to-take-advantage-of-your-travel-insurance-cps.jpg?fit=1200%2C628&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/rpstagingdot.wpcomstaging.com\/wp-content\/uploads\/2026\/02\/5-times-to-take-advantage-of-your-travel-insurance-cps.jpg?fit=1200%2C628&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/rpstagingdot.wpcomstaging.com\/wp-content\/uploads\/2026\/02\/5-times-to-take-advantage-of-your-travel-insurance-cps.jpg?fit=1200%2C628&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":17731,"url":"https:\/\/www.comparehero.my\/blog\/insurance\/types-of-insurance-policies-you-need.html","url_meta":{"origin":17628,"position":4},"title":"5 Types Of Insurance You Need But May Not Have","author":"CompareHero","date":"6 July 2021","format":false,"excerpt":"One of life\u2019s harshest realities is that we can never turn back time. Along with this is the fact that there is an infinite number of events that might go wrong that we might not be prepared for. Sometimes, it\u2019s less severe, but sometimes, these events can really make a\u2026","rel":"","context":"In &quot;Insurance&quot;","block_context":{"text":"Insurance","link":"https:\/\/www.comparehero.my\/blog\/insurance"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/rpstagingdot.wpcomstaging.com\/wp-content\/uploads\/2026\/02\/types-of-insurance-policies-you-need-featured-image.jpg?fit=1200%2C628&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/rpstagingdot.wpcomstaging.com\/wp-content\/uploads\/2026\/02\/types-of-insurance-policies-you-need-featured-image.jpg?fit=1200%2C628&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/rpstagingdot.wpcomstaging.com\/wp-content\/uploads\/2026\/02\/types-of-insurance-policies-you-need-featured-image.jpg?fit=1200%2C628&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/rpstagingdot.wpcomstaging.com\/wp-content\/uploads\/2026\/02\/types-of-insurance-policies-you-need-featured-image.jpg?fit=1200%2C628&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/rpstagingdot.wpcomstaging.com\/wp-content\/uploads\/2026\/02\/types-of-insurance-policies-you-need-featured-image.jpg?fit=1200%2C628&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":18160,"url":"https:\/\/www.comparehero.my\/blog\/insurance\/how-do-i-make-a-travel-insurance-claim.html","url_meta":{"origin":17628,"position":5},"title":"How Do You Make A Travel Insurance Claim?","author":"CompareHero","date":"23 June 2021","format":false,"excerpt":"Do you purchase travel insurance when you travel? Did you know that only 8 out of 10 Malaysians know the significance of travel insurance, but only 34.8% would purchase it? In my opinion, that's an alarming low figure. Travel insurance is vital to have when you travel because who knows\u2026","rel":"","context":"In &quot;Insurance&quot;","block_context":{"text":"Insurance","link":"https:\/\/www.comparehero.my\/blog\/insurance"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/rpstagingdot.wpcomstaging.com\/wp-content\/uploads\/2026\/02\/how-do-you-make-a-claim.jpg?fit=1200%2C628&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/rpstagingdot.wpcomstaging.com\/wp-content\/uploads\/2026\/02\/how-do-you-make-a-claim.jpg?fit=1200%2C628&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/rpstagingdot.wpcomstaging.com\/wp-content\/uploads\/2026\/02\/how-do-you-make-a-claim.jpg?fit=1200%2C628&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/rpstagingdot.wpcomstaging.com\/wp-content\/uploads\/2026\/02\/how-do-you-make-a-claim.jpg?fit=1200%2C628&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/rpstagingdot.wpcomstaging.com\/wp-content\/uploads\/2026\/02\/how-do-you-make-a-claim.jpg?fit=1200%2C628&ssl=1&resize=1050%2C600 3x"},"classes":[]}],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/rpstagingdot.wpcomstaging.com\/wp-content\/uploads\/2026\/02\/reasons-to-have-insurance-policy-featured-image.jpg?fit=2121%2C1414&ssl=1","_links":{"self":[{"href":"https:\/\/www.comparehero.my\/blog\/wp-json\/wp\/v2\/posts\/17628","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.comparehero.my\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.comparehero.my\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.comparehero.my\/blog\/wp-json\/wp\/v2\/users\/268230141"}],"replies":[{"embeddable":true,"href":"https:\/\/www.comparehero.my\/blog\/wp-json\/wp\/v2\/comments?post=17628"}],"version-history":[{"count":1,"href":"https:\/\/www.comparehero.my\/blog\/wp-json\/wp\/v2\/posts\/17628\/revisions"}],"predecessor-version":[{"id":56861,"href":"https:\/\/www.comparehero.my\/blog\/wp-json\/wp\/v2\/posts\/17628\/revisions\/56861"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.comparehero.my\/blog\/wp-json\/wp\/v2\/media\/1641"}],"wp:attachment":[{"href":"https:\/\/www.comparehero.my\/blog\/wp-json\/wp\/v2\/media?parent=17628"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.comparehero.my\/blog\/wp-json\/wp\/v2\/categories?post=17628"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.comparehero.my\/blog\/wp-json\/wp\/v2\/tags?post=17628"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}