By now you would probably have heard of the usual life, medical and travel insurances in Malaysia. They are common and in many cases considered to be the ‘must-haves in anyone’s life.
Not all insurance is created equal
Personal and medical insurance are among the most common types in Malaysia. They ensure that you have the financial abilities to pay for your medical expenses if and when they occur. Meanwhile, car insurance is something that is mandatory if you own a vehicle. But not every type of insurance is there to keep your essentials covered. Insurance companies do actually have a wide range of other products that you might not know of. In fact, these could well be considered to be ‘luxuries’ and something that only those who can afford them would have.
Why such products?
You might have heard that celebrities actually insure certain parts of their bodies in case something happens and they are not able to use them. People like Jennifer Lopez insuring her body part and such are just some of these examples. While you might not live a celebrity life, you could think along the following lines.
- ATM insurance – You can actually buy an insurance policy that covers your ATM withdrawals for up to 24 hours. It is a useful product for people who withdraws a large amount of cash from the ATM frequently like those working in retail shops as they risk losing the cash due to burglaries or snatch thieves.
- Hobbies and expensive toys – When it comes to hobbies involving collectibles, it is hard to put value on them. At times, your collection could mean your lifelong efforts. Home insurance will cover the contents within the house like your furniture and electrical items. You could actually buy an additional policy for your collectibles.
- Animal insurance – These days, it can be costlier to keep pets than actual human beings. Pets do have health conditions like diabetes and cancer too. Pet insurance would be essential in cases like these and they also cover situations if the pet is lost or dies.
- Golf – This is an insurance product that is usually taken by the golf course’s management. They are called Golf Hole-in-One insurance. If you play golf, you would know that hitting a hole-in-one means you win something big! The management will buy this insurance to help foot the bill so that it need not come up with that amount within a short period of time (and hence, could go into debts).
- Kampung Home Insurance – Such policies are cheaper than house insurance made from bricks. As the name implies, it covers incidents like floods, fire and lightning. They are usually limited to the wooden parts of the structure.
- Domestic Helpers – This covers personal injuries and medical expenses for domestic helpers. Incidents like the maid running away from your home are also covered (not deportation though).