What’s in this article
Whether you are in Malaysia for work or other purposes, having insurance is important to ensure that you protect yourself against unforeseen circumstances. This is especially true if you are an expatriate living in Malaysia.
One of the most essential and crucial things to do is to obtain adequate insurance coverage that covers you not only in Malaysia but internationally as well. Since local insurance packages only cover individual locally, most expats decided to obtain global medical coverage that provides portable insurance.
Discover the types of expat insurance in Malaysia you should consider below!
Types of Expat Insurances in Malaysia
Health insurance and car insurance should not be unfamiliar terms to everyone. There are way more types of insurance apart from these standard ones. Let us take a look at what are the various types of insurance policies that you can consider.
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International Health Insurance
Starting with the most common insurance type, health insurance covers expensive healthcare costs, especially for expats and foreigners.
Expat Financialis the industry leader in providing expatriates the first-class international health insurance that they require globally which includes Medical Expense Insurance, Critical Illness Insurance, Long-term Care Insurance, and Prenatal Insurance.
This allows them to have easy access to healthcare treatments anywhere and anytime. -
Vehicle insurance
Did you know that motor insurance mandates all vehicles licensed for public road use to have insurance?
There are three different types of vehicle insurance, which include
- Comprehensive Cover
- Third Party, Fire, Theft Cover
- Third-Party Cover
For foreigners driving in Malaysia, do take note of the foreign driving license law of only being able to drive around Malaysia for a total period of 90 days with the international driver’s license.
With effect from 31st December 2020, all foreigners can convert their foreign driving license into a Malaysia Driving license through the JPJ website Malaysia
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Expat Life and Disability Insurance
Life insurance for expats and foreigners provides full coverage for life.
Disability insurance for expats and foreigners partially replaces an individual’s income when they become unfit to work, ensuring they still have a source of income and protecting them from extensive financial burdens.
One such plan provided by William Russell Limited is the Global Income Protection Plan which is designed to provide income replacement protection for individual expatriates around much of the world -
Home Insurance
Home insurance is not mandatory but highly encourages individuals to purchase it in order to protect themselves from potential losses due to unfortunate events such as fire, vandalism, and break-ins, and to protect homeowners against liabilities within their property. Other high-value home appliances can also be under insurance to the home insurance plan. Items include air conditioners, jewelry, cameras, and more
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General Insurance
This insurance protects the assets of foreigners who are living locally while at the same time covering their employee’s benefits.
Some of the insurance includes, among others:- Travel Insurance
- Pet insurances
- Evacuation coverage
- International Dental and Optical Insurance
Why Should Expats or Foreigners Purchase Insurance in Malaysia
Apart from the above insurance, many more things can be under insurance in Malaysia. Now you may be wondering, why should you buy insurance. Well, it is better to be safe than sorry since none of us are unable to predict when an unfortunate incident may occur to us!
What if you already have existing insurance in your home country?
- Ensure the extent of coverage includes when living in Malaysia
- Check with your insurer on various insurance plans available in Malaysia
Company Registration in Malaysia
While there are many reasons why you may move to Malaysia, registering for a company to start your own business is one of the top reasons. Here at Paul Hype Page, we specialise in helping global expats relocate to Malaysia through company setup and employment pass applications.
Many foreign investors chose Malaysia as companies here that can be owners 100% by foreigners. Tech companies also enjoy tax benefits such as 5-year tax exemptions.
FAQs
There are certain conditions that are not included in the medical plan known as Major exclusions. They include pre-existing illnesses, treatment or surgery for certain illnesses within 120 days of the plan and cosmetic surgery/corrective lenses, dental treatment unless due to accidental injury.
A medical card has to be presented at a Panel Hospital and get a doctor’s consent to be admitted in the hospital. This will allow smoother transactions and lesser waiting time and tedious paperwork.
There are a few reasons why your medical claims get rejected, namely:
- Claim withing the waiting period
- Except for accidental injuries, medical insurances will not cover for any medical costs charged in the individual’s name within 30 days from the date of activation of the insurance policy.
- Exclusion Clauses
- Having access to medical card will not protect an individual from every unimaginable condition especially pre-existing illness
- Unpaid Premiums
- Exceeded limits
