MM2H Insurance: Protecting your health, your loved ones and your property in Malaysia

As an MH2H-holder, it's important to understand the various kinds of insurance in Malaysia that are:

1) Mandatory.
2) Recommended.
3) Optional.

Malaysia is known for having a well-developed insurance industry, offering a wide range of products. However, deciding which insurance to sign up for may not always be as straightforward.

Let's consider some of the more common types of insurance policies for expats in Malaysia.

Health Insurance

Health insurance is important for everyone living in Malaysia, but arguably especially for MM2H-holders. Now, whilst it's true that Malaysia has quite an advanced public healthcare system, it can and does, get overcrowded at times, especially in urban areas. Fortunately, there's plenty of private healthcare choice available also, albeit at a somewhat more costly price point of course.

This is where having health insurance pays dividends. For one, health insurance covers the cost of medical treatment, hospitalization and medication. It's recommended that you take out a comprehensive health insurance plan, one that covers both outpatient and inpatient treatment, as well as emergency medical evacuation. The latter can be boon for the more intrepid MM2H-holders, in particular, who are keen to explore Malaysia's natural treasures. Incidentally, note that healthcare insurance is mandatory for MM2H-holders.

Life Insurance

Life insurance provides financial protection to your loved ones in case of an untimely death. It's important to take out life insurance if you have dependents, such as children or elderly parents, who rely on your income. Life insurance can also help cover funeral expenses and any outstanding debt. It's recommended that you opt for a policy/payout that's at least 10x your annual income.

Property Insurance

If you're planning to rent or buy a home in Malaysia, property insurance is paramount.. This type of insurance will protect your belongings in case of theft, fire, or other types of damage to the property. It's recommended that you select a policy that covers both the contents of your home and damage to the property itself.

Car Insurance

Going to drive your own car in Malaysia? Then, clearly, you'll need to have car insurance. This type of insurance will cover you in case of an accident, theft or damage to your vehicle. Ideally, you opt for a comprehensive policy, i.e. one that covers not only your own vehicle, but third-party liability as well.

Personal Accident Insurance

Personal accident insurance provides coverage in case of accidental injury or worse. This type of insurance can help cover medical expenses, loss of income, physiotherapy and other costs associated with an accident or an untimely demise. It's always better to choose a policy that covers both accidental death and permanent disability. This kind of insurance is actually not that costly.

Travel Insurance

Let's face it, many Malaysia MM2H-holders moved to Malaysia at least in part for the awesome travel options. If you plan to travel within Malaysia, or to its neighboring countries, it's a good idea to take out travel insurance.

Travel insurance will have you covered in case of medical emergencies, trip cancellation, lost luggage, or other travel-related issues.

Devil in the Details

For all above insurance policies, it's important to read the fine print carefully to ensure that you really do get the coverage you're aiming for. Better safe than sorry.

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