Youths call on govt to draw affordable insurance policies

SHAH ALAM - Youths across the country are realising the importance of insurance protection but do not have the means to pay.

Nur Suhaida Hassan, 19, a self-employed said her income is inconsistent.

“Due to that, I try to avoid any monthly commitment as I may not be able to pay,” she told Sinar.

University student, Nurul Sabrina Jamali, 23 said she had only enough to pay for study expenses.

“I want to take a protection scheme but as a university student I have to prioritise other things such as tuition fees and textbooks.

“If the government prepares an affordable insurance specifically for youths, I would surely take up a policy,” she said.

Another student, Julia Nur Maisarah Joo Yusnizam shared the same sentiments informing most of her funds were put towards learning materials.

“I know there are several insurances offering affordable protection schemes suitable for all wages but I am not prepared for such commitments,” she said.

Julia said if she was working and had a stable income, she would possibly purchase an insurance policy.

There were several youths who bought takaful scheme despite earning low wages.

P-hailing worker Hafizuddin Salehuddin, 23, said he bought a protection scheme for rainy days.

“If the government saw a majority of youths not taking insurance policies, it is not because they are unaware of it but it is because they need to take out a significant amount of funds to pay takaful.

“It would be great if the government prepared an affordable protection scheme. Many youths would flock to the idea especially those in the p-hailing industry,” he said.

Mohamad Iqbal Hussin, 25, self-employed agreed on an affordable insurance policy.

About 50 per cent of Malaysians are yet to sign up for insurance.

The Life Insurance Association of Malaysia (Liam) said the number of Malaysians with either insurance stood at 59.5 per cent.

“However, after subtracting the total of those with more than one policy, the number reduces to 41 per cent. This means over half of Malaysians did not have an insurance,” Liam stated.

Liam said youths were also not keen in buying insurance as they felt it was too early to buy a protection package.