Life insurance is vital in providing financial protection to you and your loved ones. However, it is not generally accepted as one of the key components in a personal financial plan. With the proper and sufficient awareness created, everybody can truly understand what life insurance meant to us and the value with security that it can bring to us.

The lack of awareness has resulted in the younger generation – those between the age of 18 and 30 – not well prepared for uncertainties. “Own an insurance policy while you are young and healthy, not when you need it.” For many, life insurance is only considered as an option once they are married, have started a family or have dependants. More often than not, the notion of financial planning is virtually absent from the master plan of even the most ambitious of the lot until they have a family of their own.

Of course, in the worst case, it is not even being considered. Many feel that they have the financial security they need in the form of their Employees Provident Fund (EPF) savings to cover for whatever debts or expenses they may leave behind when they are no longer around, although it does not hold true.

The online system reduces the time needed for the process on normal policy approval, in a way saving time, avoiding unnecessary expenses and not the least more environmental friendly. A customer could now purchase a life insurance policy anytime, anywhere in less than 10 minutes in the presence of internet connection.

This efficient paperless process is made possible through its partnership with a technology firm that has set up similar systems in New Zealand, USA, South Africa and China.

To illustrate the affordability of this life insurance coverage by U for Life, the monthly premium for a 25-year-old female who is a non-smoker is as low as RM9.85 per month for a coverage of RM100,000.