Best Term Life Insurance in Malaysia

5 Best Term Life Insurance in Malaysia

Source: Natalya Zaritskaya via Unsplash

Many people’s greatest fear is leaving their family in debt after death or an accident that renders them disabled. Luckily, there is an array of options for best term life insurance in Malaysia that can help with that.

If you’re confused by insurance terms and don’t know where to start, this list below might just be able to help you.

1.  Ezy-Life Secure Insurance

Ezy-Life Secure Insurance's Homepage
Source: Etiqa
BEST FOR: Affordable and easy
PRODUCTS: https://www.etiqa.com.my/v2/life-insurance-family-takaful/ezy-life-secure-insurance
WEBSITE: https://www.etiqa.com.my/
ADDRESS: Find the branch nearest to you at https://www.etiqa.com.my/v2/contact-us
CONTACT DETAILS: 1-300-13-8888

For those looking for affordable, simple and straightforward life insurance, Ezy-Life Secure is the best term life insurance in Malaysia.

While it is economical, it has competitive death or total and permanent disability benefits and is flexible to suit your needs.

The younger you start with this best term life insurance, the more affordable your premium, which also remains constant throughout the tenure. You can also choose your plan’s tenure beginning from 5 years to before your 80th birthday.

Besides this, you can even choose to pay your premiums monthly or yearly. Individuals aged 16 to below-60 can apply for this best term life insurance in Malaysia and there is no medical examination required.

Highlights

  • Affordable, simple, and straightforward
  • Death or total and permanent disability benefits
  • Flexible
  • Premium remains constant
  • Choose your plan’s tenure
  • Monthly or yearly payment
  • No medical exam required

2.  Great Term Direct

Great Term Direct's Homepage
Source: Great Eastern
BEST FOR: Bereavement benefit
PRODUCTS: https://www.greateasternlife.com/my/en/personal-insurance/our-products/life-insurance/great-term-direct.html
WEBSITE: https://www.greateasternlife.com/my/en/
ADDRESS: Find the branch nearest to you at https://www.greateasternlife.com/my/en/personal-insurance/get-help/contact-us.html
CONTACT DETAILS: +603 4259 8888; [email protected]

With affordable premiums, you can be protected until age 80 with one option for the best term life insurance in Malaysia, the Great Term Direct.

Save your loved ones from the hassle of obtaining your insurance money as they will receive an amount of RM5,000 of the basic sum assured right after your death to help with the expenses. The balance of the basic sum assured should follow soon after.

This best term life insurance in Malaysia also covers your family’s financial security in the case of disability. If total and permanent disability occurs before you reach age 65, you will receive your entire basic sum assured.

The best thing is that it is easy to apply for Great Term Direct. You’ll only need to answer a few health-related questions. There is no medical exam required.

Highlights

  • Be protected up to age 80
  • RM5,000 upfront after death
  • Receive your whole basic sum assured in case of total and permanent disability before age 65
  • Easy to apply
  • No medical exam required

3.  PRUTerm

PRUTerm's Homepage
Source: Prudential
BEST FOR: Short-term
PRODUCTS: https://www.prudential.com.my/en/our-products/products/pruterm/
WEBSITE: https://www.prudential.com.my/
ADDRESS: Find the branch nearest to you at https://www.prudential.com.my/en/contact-us/
CONTACT DETAILS: 603 2778 3888; +603 2771 0228; [email protected]
OPERATING HOURS: Mon to Fri 8:45am-4:30pm

PRUTerm provides death coverage and total and permanent disability coverage before the policy anniversary of age 60 next birthday or the expiry of the policy.

For this best term life insurance in Malaysia, the premium is payable throughout the coverage term of 5 years or between 10 and 70 years minus the issue age.

The insured or their family is guaranteed to receive a minimum of RM10,000 sum assured with the maximum subject to underwriting.

To customise this best term life insurance in Malaysia according to your needs, you can also purchase critical illness, medical, accident, and other riders to go with it.

Highlights

  • Death coverage
  • Total and permanent disability coverage before policy anniversary of age 60 next birthday or policy expiry
  • Premium payable throughout the coverage term
  • RM10,000 minimum sum assured
  • Available critical illness, medical, and accident riders

4.  ManuTerm

ManuTerm's Homepage
Source: Manulife
BEST FOR: Easy renewal or conversion
PRODUCTS: https://www.manulife.com.my/en/individual/products/life/term-life/manuterm.html
WEBSITE: https://www.manulife.com.my/
ADDRESS: Manulife Insurance Berhad 12 th Floor, Menara Manulife 6, Jalan Gelenggang Damansara Heights 50490 Kuala Lumpur
CONTACT DETAILS: 1-300-13-2323; (603) 2719 9112; [email protected]
OPERATING HOURS: Mon to Fri 9:00am-5:30pm

One of the best term life insurances in Malaysia, ManuTerm, offers insurance coverage for death and total and permanent disability at competitive premium rates.

Besides these basic coverages, you can also get income benefit, accidental benefit, and critical illness riders to go with your term life insurance.

The best thing about this best term life insurance in Malaysia is that you have the option to renew the plan or convert it to any permanent plan from Manulife. Either of these could be done without evidence of insurability required.

Highlights

  • Competitive premium rates
  •  Income benefit, accidental benefit, and critical illness riders
  • Option to renew
  • Option to convert to any permanent plan from Manulife
  • No evidence of insurability required

5.  eLife Protector+

eLife Protector+'s Homepage
Source: AXA
BEST FOR: Generous lump sum
PRODUCTS: https://www.axa.com.my/online-term-life-insurance-malaysia
WEBSITE: https://www.axa.com.my/
ADDRESS: Find the branch nearest to you at https://www.axa.com.my/contact-us
CONTACT DETAILS: 1300-88-1616; [email protected]

For hassle-free term life insurance you can get online, AXA’s eLife Protector+ is the best term life insurance in Malaysia.

With this, your loved ones receive a lump sum of up to RM500,000 upon death or total and permanent disability before age 70. In the case of death due to an accident, on the other hand, the lump sum can even increase 100% to a maximum of RM2,000,000 per person.

What’s more, this best term life insurance in Malaysia is automatically renewed yearly up to age 75, provided that all premiums are paid on time.

While this term life insurance has impressive benefits, it requires no medical examinations. You just have to answer 4 questions online.

Highlights

  • Apply online
  • Up to RM500,000 lump sum upon death or total and permanent disability
  • Up to RM2,000,000 lump sum in case of accidental death
  • Automatically renews yearly
  • No medical exams required

With one of these options for the best term life insurance in Malaysia, you’ll be assured that your loved ones are financially stable even if something dreadful happens to you.

If you’re leaning into getting health insurance instead, you can also check out our list of the best health insurances in Malaysia.