Thursday, September 10, 2015

Is it necessary to re-evaluate insurance policies?

Press Release

Purchasing an insurance policy is the first step towards getting insured. If you think you’ve done enough. No you haven’t. An insurance policy grows and evolves with you as you move through life. What you purchase today may not be as relevant in 10 years time and that’s why it’s crucial that you revisit your policy from time to time.

Re-evaluating your insurance policy is a necessity and especially vital when you experience significant life events like marriage or having a child.  When married, review both your and your spouse's policy coverage. This is crucial step, especially if you are the sole breadwinner of the family. Ensuring that your policy fits your family needs will greatly ease their burden should you require sudden hospitalization or death which could leave your spouse and family in financial limbo and unable to pay the bills.

Keep monthly expenses in mind as well as your income and that of your spouse when choosing the policy you want. And when you have children, review it again. This is because protecting your child’s future or to save for their education fund is one of the very first consideration a new parent should make, as it is one way to make sure  your child is financially protected if their parents can’t be there for them.

“It is a good idea to speak with your insurance agent every three years about your life insurance policy and your changing needs. This way you'll always be prepared should the worst happen, and your loved ones be left behind without the financial means to support themselves,” said Rangam Bir, CEO of Allianz Life Insurance.

About Allianz in Malaysia
The investment holding company, Allianz Malaysia Berhad, a subsidiary of Allianz SE, has two insurance subsidiaries - Allianz General Insurance Company (Malaysia) Berhad (“Allianz General”) and Allianz Life Insurance Malaysia Berhad (“Allianz Life”).

Allianz General is one of the leading general insurers in Malaysia and has a broad spectrum of services in personal lines; small to medium enterprise business and large industrial risks.  Allianz General also leverages on the bancassurance agreement with CIMB Bank to reach out to the bank's over-a-million-customer base.  The GWP for general insurance business for financial year 2014 reached a mark of RM2.13 billion.

Allianz Life offers a comprehensive range of life and health insurance and investment-linked products and for the financial year 2014, Allianz Life recorded a gross written premium (“GWP”) of RM1.83 billion and is one of the fastest growing life insurers in Malaysia.

About Allianz
Together with its customers and sales partners, Allianz is one of the strongest financial communities. About 85 million private and corporate customers insured by Allianz rely on its knowledge, global reach, capital strength and solidity to help them make the most of financial opportunities and to avoid and safeguard themselves against risks. In 2014, around 147,000 employees in over 70 countries achieved total revenues of 122.3 billion euros and an operating profit of 10.4 billion euros. Benefits for our customers reached 104.6 billion euros.

This business success with insurance, asset management and assistance services is based increasingly on customer demand for crisis-proof financial solutions for an aging society and the challenges of climate change. Transparency and integrity are key components of sustainable corporate governance at Allianz SE. 



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