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Malaysia - Insurance
Before being granted an MM2H visa to live in Malaysia, you will have to prove that you have a comprehensive medical insurance plan. But it should be a top priority for you anyway, as it will give you peace of mind when it comes to the healthcare needs of you and your family.
When it comes to choosing the insurance plan for you, as with anything, it is important to keep both your requirements and your budget in mind. The healthcare system in Malaysia is divided into public and private sectors. Whilst Malaysia operates a universal healthcare system, whereby each and every one of its citizens is entitled to the care they need, when it comes to expat insurance, you are probably better off opting for private insurance. The private hospitals tend to only be in the more urban areas where there are more well off citizens and therefore more demand, so make sure there are private hospitals where you plan to live if you opt for private insurance. The private hospitals in Malaysia have much shorter waiting times for routine procedures and are equipped with the most up to date technology.
If you purchase an international expat health insurance policy in Malaysia, you can choose to include cover of medical costs covered not just within Malaysia itself but also in the rest of the world. This means that if the facilities local to you are not adequate then the cost of repatriation can be covered by your policy, and a change of medical establishment can be made a priority.
With most insurance policies these days it is best to get a huge number of quotes before choosing the policy right for you. One of the ways you can do this is by looking on the comparison sites. It is always worth having a search on more than one as different companies sell different deals to different sites at the same time.
Motor insurance is compulsory in Malaysia just as it is in the UK and US. There are three types of car insurance policy in Malaysia:
Act Only: This type of policy covers the holder for the bare minimum as required by law. It is therefore the cheapest policy that you can buy, but is very limited and will only meet liability costs for death or injury to a third party. Should you be involved in an accident, you would have to pay for the damage to property out of your own pocket.
Third Party: This type of policy will insure the driver against death and injury to a third party as with the Act Only policy. The difference is that here the driver is also insured to cover any damage to third party property and minimum legal costs encountered in this process.
Comprehensive: this type of policy offers the most comprehensive cover for drivers, providing protection against accidental damage, damage or loss from fire or theft, and insurance for third party liabilities. Additional cover may be required if you are going to be using the car for anything other than personal use, or if you wish to include specific cover such as windscreen or key protection.
As with buying an insurance policy in your own country, all of the individual policies can vary from provider to provider, so it is imperative that you read the small print of what is and isn’t covered before taking up a policy.
Home and Contents Insurance
Home and contents insurance policies in Malaysia work in just the same way as they do anywhere else. It is sensible with home insurance to cover your home against damages from fire or floods. It is also worth insuring the contents of your home from theft. It will give you one less thing to worry about when you are living abroad. It is not difficult to find a home insurance provider in Malaysia, there are a few websites listed at the bottom of this page to help you find the right policy for you.
If you already have a life insurance policy in your home country, then it is worth seeing if you can simply update the existing policy to suit your new circumstances. Most of the time this is possible, there may be an administration fee, but it is often worth paying in order to avoid the hassle. If your premium is going to increase massively because you are moving abroad then it is worth looking at other providers to check that you aren’t being ripped off. There are many companies which will offer you international life insurance so they are worth checking out. Listed below are a couple of websites which offer expat life insurance in Malaysia.
Great Eastern Life
Professional Liability Insurance
Professional liability insurance only really needs to be purchased if you are planning to set up your own business in Malaysia, in a field which is at particular risk of law suits. If you are going to be working for a Malaysian company then you will probably be covered under their policy, but make sure you check that this is definitely the case.
Listed below are a few websites which will offer more information on the details of professional liability insurance policies.
Expat Health Insurance Partners
At Bupa we have been helping individuals and families live longer, healthier, happier lives for over 60 years. We are trusted by expats in 190 different countries and have links with healthcare organisations throughout the world. So whether you're moving abroad for a change of career or a change of scene, with our international private health insurance you will always be in safe hands.
Cigna has worked in international health insurance for more than 30 years. Today, Cigna has over 71 million customer relationships around the world. Looking after them is an international workforce of 31,000 people, plus a network of over 1 million hospitals, physicians, clinics and health and wellness specialists worldwide, meaning you have easy access to treatment.