Wednesday, October 27, 2021

Review on SunLife insurance in Malaysia as of Oct 2021

Since SunLife turns out to be the MOST useful online life insurance, let's take a look at what they offers.  It is a gem in term life category and I predict they maybe taken down soon so make your own move and judgement fast!

SunLife offers 3 plans (each with Takaful option)

  • Life
  • Top 3 Critical Illness - Heart Attach, Stroke and Cancer
  • Hospitalisation income
eSsential Life is FANTASTIC especially for up to age 39 where they covers up to RM 653 for every RM 1 premium paid.  Value of money starts to normalise age 50 onwards where cover ratio is 151.  So for young people who believe in Buy Term Invest the Rest this is a prefect tool!

eCritial Shield is a very relevant term plan.  Instead of covering all sort of diseases you may get, how about just cover the most probable one will get?  They call it lifestyle illness which is kinda cute.  Hence a much lower fee than most other Critical Illness plans in the market.  Their fees increase gradually over the age so there is no significant benefitial entry age.

I couldn't find the fine prints for their MediCare Income ie. how many days will they pay per sickness or admmission etc. so I couldn't justify if this is a good plan.  However, generally it is not a good idea to buy term for your hospitalisation coverage.

So overall it's impressive SunLife makes it simple and straight to the point, without confusing marketing gimmics.  Thumbs up for that!

Do get reminded the most important part of insurance is the claim process.  Generally Term Insurance claims would be less friendly and most probably there is no professional serving you if you buy online.  Hence do take note only adopt into this kind of plans when you yourself is equiped with the know how in term of claim process; which in this case make sure your benefitiary or executor knows exactly what to do when you pass on.  Else a few months after you are gone and the premium is not paid, the plan will auto lapse and nothing left for anyone.

Has anyone experienced SunLife claim process before ?

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