The 3 unexpected life events that leave us in debt

The 3 unexpected life events that leave us in debt



We all start out our working lives and careers with some sort of plan, a vision of our future lifestyle 10 years down the line, be it owning a fancy car, having a family, or being a successful business leader.

Most of these goals rely on the fact that we are earning a stable income, and have somewhat of a financial strategy. However, this also means that just one unforeseen twist of fate can ruin this financial security, and put to rest the dreams, hopes and plans that were in store for the future.

Death, disability, and disease are three circumstances that are unexpected and something we do not anticipate on a daily basis. Although we are educated on the possibility, simple human nature leads us to believe that this is someone else’s burden – it will not happen to us.

A death in the family can set one’s pace back significantly, especially if the deceased was a significant contributor to the household income. Likewise, disability limits the selection of jobs that can be held down, and in turn, earning power. Getting diagnosed with a potentially terminal illness, on the other hand, tends to readjust financial priorities towards skyrocketing hospital bills, in some cases running one’s seed money dry.

And with all the talk of retirement savings as of late in Malaysia, a study by HSBC entitled The Future of Retirement: A Balancing Act highlighted a shocking statistic: 81% of working age people have had their retirement savings significantly impacted by a life event, including losing their job and an illness or accident stopping them or their spouse from working.

The message is undeniable. Although it is difficult for anyone to foresee the future, we need to prepare ourselves for these unexpected situations which could potentially affect our quality of life right up to our retirement years.

The Protection Gap Study commissioned by the Life Insurance Association of Malaysia (LIAM) indicates that Malaysians are generally under-insured compared to neighbouring countries like Singapore, Hong Kong, South Korea and Japan.

While the younger generation may feel that insurance is an unnecessary expenditure, the fact is, the younger one starts, the cheaper the premiums.

U for Life offers a one-of-a-kind life insurance policy in Malaysia, using an online business model which allows users to apply, be assessed, and purchase their insurance policies over the Internet.

Potentially, all you need is a stable Internet connection to get an instant quote for one’s insurance premiums, with an impressive 10-minute lead time till you receive your e-policy.

U for Life turns unnecessary agent meetups which can be time-consuming and sometimes dreadful, into a speedy process while at the same time giving full control over to the user to decide what they would like to buy, and what exactly they are paying for.

One inevitable element of taking up an insurance policy is the routine physical medical check-up which one must attend in person, to be eligible for full life insurance coverage.

U for Life policies eliminates this, by turning this yet again time-consuming practice into an intelligent medical underwriting questionnaire that will run through medical history to identify if there is any need for a routine check-up, or in some cases, if a policy offer can be made at all.

The paperless process makes the buying process simply a breeze. The policy offered by U for Life is underwritten by Tokio Marine Life Insurance Malaysia Bhd, a member of the Tokio Marine Holdings, Inc. the oldest and one of the largest insurance groups in Japan.

The end-to-end business model of U for Life doesn’t just end there. Claim processes are also made easy for the policy holder as an end user. All the claimant needs to do is call Tokio Marine’s customer service hotline to be advised on the documents required to make the claim.

Claim turnarounds for U for Life is regulated by Bank Negara. Upon submitting complete documents, a turnaround time of 14 days is all that is required to complete a claim.

Who should get insured? U for Life recommends the protection offered by its life insurance policies to single working adults, married couples with children, single parents and small business owners.

Even the retired are recommended to insure themselves via U for Life policies especially if they are still in the process of paying off loans, where a term life policy would be most ideal.

U for Life insurance is also suitable for those looking for short-term life insurance protection to guard themselves against outstanding liabilities, such as in instances of property flippers and those under education loans.

Death is inevitable and mishaps in life don’t discriminate. So, protect the ones you love starting today, or better yet right this second. How? U for Life lets you buy a life insurance policy online in just 10 minutes at the convenience of your fingertips. For more info, please visit

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