My tips are simple, please refer to below
Young and Single – Investment more, protection less
Young age as you start working, salary is not much. Budget on insurance is the minimum like RM150 or RM200. Basic protection are Crisis Shied , Accidental Death & Disablement benefits and Medical Card. Getting insurances with basic protection and higher investment are not a problem. But Higher investment will reduce your Sum Assured.
Important!, protection coverage must be increased later as you grow older and have bigger salary.
Married – Protection more, investment less
Your Sum Assured must be sufficient to compensate your spouse if death happen. Critical Illness must be covered for you and together with your spouse. Crisis Cover Income must included in your plan, income needed to support your family as you unable to work now. Women should take Takaful Puteri Plus for protection of all women related problem. Amount contributed to the investment is just like saving for future use.
Rich – Protection and Investment High
As money is not a problem, you are able to take all the riders in the Protection Plan. Same goes to investment.
Old – Not valid
You should take insurance when you are young and healthy. Getting older plus diagnosed with many disease, it is too late to apply for an insurance. No insurance will accept you.