A little over a year ago, Malaysia’s first ever internet insurance platform emerged – U for Life. The online platform platform helps you get basic life insurance coverage of MYR100,000 for as low as MYR9.85 per month.
To date, U for Life has sold e-policies with a total sum assured of over MYR600 million and has subsequently earned the title of “The Largest Online Term Life Insurance Provider in Malaysia.”
Just to recap, U for Life is a collaboration between Hannover Re and Tokio Marine Life Insurance Malaysia Bhd. Hannover Re is the third-largest reinsurer in the world. Meanwhile, Tokyo Marine is the insurer.
The platform was developed by Intelligent Life, a New Zealand-based software developer specialising in the insurance industry.
Malaysians are underinsured
According to the Life Insurance Association of Malaysia (LIAM), only 55% of Malaysians are covered by insurance – whether life insurance or family takaful. A shocking revelation. Compared to other folks in Singapore, Hong Kong, South Korea and Japan, Malaysians are generally under-insured.
Get insured today
To own an e-policy via uforlife.com.my is easy. It takes only 10 minutes and you’ll be instantly covered upon confirmation of payment.
Head over to uforlife.com.my, complete some simple health questions and you’re done. If you need assistance along the way, there’s an online live support chat system to answer your queries in real time.
Subject to your gender, age and other risk factors, monthly payments can be as low as MYR9.85 for a coverage of MYR100,000.
As an end note, U for Life shares Bank Negara Malaysia’s aspiration to meet the 75% insurance penetration rate in Malaysia by 2020.
Not yet covered? I urge you to get at least basic coverage today.