According to the chief executive of Life Insurance Association of Malaysia (LIAM) Mark O'Dell, those who are uninsured should buy a policy as soon as possible: “Elderly healthcare claims have fallen by 2% during the Covid-19 pandemic in early 2020, but then has risen sharply. Due to lack of insurance policies that include long-term care for the elderly, retirees are postponing visits to doctors or rehabilitation.”
Annuity life insurance provides a guaranteed income for a certain period of time or until the end of policyholder’s life, which allows plan financial flows and reduce the risk of financial difficulties in old age.
Life insurance in later life also helps protect against unexpected financial shocks, such as medical emergencies or unexpected expenses.
Photos are from open sources.
