Gen Z: What Kind Of Insurance Do You Need?
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Becoming an adult is exciting. Whether you are just starting your career, earning your first salary, or learning to live on your own, this stage of life also comes with responsibilities.
You want choices but find it hard to stretch your budget to cover your daily needs as well as the responsibilities that come with being an adult like saving for emergencies, start investing and get insurance protection, all at the same time.
According to a recent survey of young adults across Asia, majority of Generation Z (those born after 1997) are saving or know it is important to save for the future and they intend to invest their money. An increasing number of Malaysians are also entering the gig economy to help them achieve their financial goals while still allowing them more freedom and flexibility.
If you have a part time or freelance job, it could mean less financial security because there is no steady income source. So, putting aside a large percentage of your monthly income towards an insurance policy that you need to commit for the long-term may not be possible right now, but you can still take steps to protect yourself.
You can start with bite-size insurance
If you are a young working adult, what do you need? You probably can’t afford much while building your emergency savings and investment portfolio, but you still need to learn to be a responsible adult and protect yourself.
To keep insurance premiums affordable, consider paying only for what you want to protect right now. These types of insurance products that offer small-scale coverage are also known as bite-size insurance. They are perfect for young adults who have just graduated or just started working – the Generation Z of today.
What are the advantages of bite-size insurance?
- Offer protection with low premiums
- Get introduced to an insurance product without long term commitment
- Easy sign up for simple pre-packaged insurance solutions
Perhaps you are aware on the importance of insurance but find yourself unable to afford comprehensive solutions on the market. What can you do?
Start taking care of yourself with PRUSimple Care
PRUSimple Care by Prudential allows you to take control of protecting what is important to you with a range of bite-size insurance options.
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Accident Package*
If you are constantly out and about on the job or lead an active lifestyle that exposes you to higher risk of accidents, getting an accident insurance coverage should be on top of your protection needs.
It covers death benefit, total and permanent disability benefit (TPD) and death due to accident benefit (additional).
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Snatch Theft Injury Package*
Just starting out in your career and living on your own? Protecting your personal safety should be on top of your list.
Get covered for hospitalisation due to snatch theft injury with daily room and board benefit, daily intensive care unit (ICU) benefit and death benefit.
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Top Critical Illness Package*
As an adult, having basic coverage against specific health conditions can give you peace of mind until you can get more extensive coverage.
With this package, you can protect yourself against a diagnosis of cancer, stroke, heart attack or serious coronary artery disease, and death benefit.
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Heart Health Package*
Heart disease is still the top cause of death in Malaysia in 2020. Having basic medical protection against this disease means you can choose to go to a private clinic or hospital and get faster treatment while still being able to take care of yourself financially.
You can now immediately get coverage for a diagnosis of stroke, heart attack or serious coronary artery disease, daily intensive care unit (ICU) benefit and death benefit.
*Cost of annual premium will be based on age only.
Eligible application age:19 to 55 years old (next birthday).
Terms and conditions apply.
When you are just starting out in your career, plans change, and your insurance coverage should be short term and affordable. The last thing you want is to commit to a long-term policy that puts you at a disadvantage if you change your mind further down the road.
With PRUSimple Care, you can also pick a plan that fits your lifestyle, and select the lite, mid, or advance plan that you need.
| Premium | Accident Package | Snatch Theft Injury Package | Top Critical Illness Package | Heart Health Package |
|---|---|---|---|---|
| Lite Plan | Starts from RM5 | Starts from RM24 | Starts from RM4 | Starts from RM4 |
| Mid Plan | Starts from RM8 | Starts from RM33 | Starts from RM5 | Starts from RM5 |
| Advance Plan | Starts from RM16 | Starts from RM41 | Starts from RM6 | Starts from RM6 |
While all plans cover the same type of benefits, the mid and advance plans will provide higher coverage amounts for each of the benefits. For more information, you can refer to the product website here.
What is even better is that with just a few simple clicks, you can sign up for PRUSimple Care online. It’s fast and easy so you won’t forget this important step to get yourself protected.
Getting protected right now is as easy as shopping online!
You can buy most of your daily needs online, why not insurance. According to a recent survey by PricewaterhouseCoopers (PwC), young adults today shop daily or weekly using their mobile phones, so buying affordable insurance coverage online is what you can easily do right now.
The first step is to download and install the Pulse by Prudential app. Then, go to PRUShoppe to select the PRUSimple Care insurance packages you need.
Decide on the coverage you want and follow the simple instructions on screen to sign up. Once you have finished your shopping, just pay for your annual premium using your credit/debit card and you’re set.
As you progress in your career and life, what you can afford to protect will change too. Your PWP can help you plan for long term protection plan.
From as low as RM4 a year, you can now afford to stay safe with PRUSimple Care.
