When I was in between jobs, I did study to become an insurance agent and passed the test. But I did not practise it and shortly after, I found another job. It was interested to note the different insurance terms like endowment, riders, etc. I have bought a policy for accident and illness insurance under Prudential, of which the premium is paid monthly and deducted autocmatically by my credit card.
If you have aged relatives about to be called home by the Lord, you can also arrange for cheap funeral insurance to cover your expenses. So far, I have 3 affordable life insurance policies by different companies – Maybank, Prudential and Air Asia, costing me not more than RM300 a month. I support buying life insurance because whenever there is an accident, or the discovery of critical illness or dreaded disease, you can be covered by the life insurance company which will pay for your hospitalization and medical bills. This will prevent your savings from depleting too soon all of a sudden.
Be sure to check out which illness are covered by your insurance companies as not all sickness is redeemable. Hence, the insurance company may not agree to pay for things like gastritis, etc. But a good insurance coverage should be comprehensive and cover all hospitalization costs.
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