In today’s fast-paced world, financial security is more important than ever. Insurance and takaful plans have become essential tools for safeguarding our health, assets, and future. However, recent price hikes in monthly premiums have left many policyholders frustrated and questioning the value of their coverage. It’s easy to feel overwhelmed and emotional when faced with sudden increases, especially when budgets are already tight.
But before making any hasty decisions, it’s crucial to take a step back, educate yourself, and approach the situation with a clear, logical mindset. This article aims to shed light on the realities of the insurance and takaful industry, the reasons behind repricing, and why terminating your policy might not be the best solution. By understanding the bigger picture, you can make informed decisions that protect your financial well-being and long-term security.
Want to terminate your insurance & takaful because of the sudden monthly price hike?
Then please EDUCATE yourself and READ THIS ⬇️
Insurance & takaful are NOT NGOs. They have always been & will continue to be a BUSINESS-FOR-PROFIT first. Yes it sounds harsh. But the earlier you swallow this, the better it is for you, your health & your mental health.
Repricing is an industry phenomenon, yes we can complain, whine, be emotional about it, but it takes STRATEGIES & REINFORCEMENTS by those at the top (Bank Negara, hospitals, etc) to regulate the crazy price hike that you & I are experiencing.
Want to terminate your insurance & takaful?
When you approach this issue emotionally & issue statements like “which other insurance/takaful provider is CHEAPER, I want to TERMINATE my plan”, you are sabotaging yourself, your chances to claim in the future, and eventually you risk yourself from not being able to get insured or covered at all. Be LOGICAL with your strategy. Put your emotions aside. Understand the crux of the issues first & then formulate your way to mitigate the price increment.
Even worse, you blame everyone including your agents, bankers, financial planners alike. Thinking they’d make more money out of this repricing? *joke of the century* the ones that profit are the providers themselves, because they need to cope with medical inflation (this is a real thing btw) AND of course the company’s profitability. They are a business first, NOT NGO, remember?
Want to terminate your insurance & takaful?
So to solve this problem, INCREASE YOUR INCOME. The dumbest thing to do is to think that terminating & restarting a new plan is a wise move. Before you execute this, let me assure you this is the dumbest move ever. There are different points of waiting period, the longest one is 730 days. So if you think starting over is the best, you’re 730 days behind.
If you’re extremely confident that NOTHING will happen to you in the next 730 days & starting fresh is the best for you, I really pray that nothing really happens. Get out of your head, nobody knows the future, even your employer might terminate you, so never feel comfortable that you have your employer’s medical coverage. Unless that’s your own company then that’s a different story 🫰
Conclusion
Navigating the complexities of insurance and takaful can be challenging, especially when faced with unexpected price hikes. However, it’s important to remember that these providers operate as businesses, not NGOs, and their primary goal is profitability. While repricing can feel unfair, it’s often a response to broader economic factors like medical inflation and operational costs.
Terminating your policy out of frustration may seem like a quick fix, but it can leave you vulnerable in the long run. Instead of reacting emotionally, focus on strategies to mitigate the impact of price increases, such as increasing your income or exploring alternative coverage options. Remember, insurance and takaful are about protecting your future, and making impulsive decisions can jeopardize that protection. By staying informed, logical, and proactive, you can ensure that you and your loved ones remain secure, no matter what challenges arise. So, before you decide to terminate your plan, take a moment to reflect on the bigger picture and make choices that align with your long-term goals. Your future self will thank you.
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