Question 1

What is insurance?

Accepted Answer

Simply put, insurance is a policy that one pays for to receive financial protection or reimbursement in the event of damage, injury, sickness, death, or other losses. At FWD Insurance, we cover the more personal aspects of your life - health, life, and finance.

Question 2

Why do I need insurance?

Accepted Answer

Life is full of surprises as well as ups and downs. Sudden illness, injuries from accidents - even death - may occur without warning. Insurance helps you hedge against the expenditures directly or indirectly related to those events, thus relieving some financial burden from yourself or those under your care (e.g. family, other beneficiaries). An insurance plan only covers the losses specified in the plan.

Question 3

What is the difference between life and general insurance?

Accepted Answer

Both life and general insurance provide financial protection. In addition, life insurance deals with life risks, such as death, permanent disability, or diagnosis of a critical illness. General insurance, on the other hand, covers any other risks that do not involve life. Some examples of general insurance policies are home insurance, motor insurance, travel insurance, etc.

Question 4

What is term life insurance?

Accepted Answer

Term insurance is a type of policy that you pay and renew for a specific period (the “term”), typically yearly. Should you pass away or if you suffer total and permanent disability while the policy is active, a tax-free payment will be given to you or your beneficiaries. You may also opt to change your term policies to permanent policies in the future.

Question 5

What is whole life insurance?

Accepted Answer

Whole life insurance covers you throughout your whole life. Some plans can build cash value over time and some lets you pay for a limited time and then never again. Similar to term life, whole life insurance gives your beneficiaries tax-free payment upon your death or total and permanent disability during the coverage term of the policy.

Question 6

What is endowment insurance?

Accepted Answer

Endowment insurance provides both a protection and a savings element, which enables the policyholder to fund their children’s education or save for retirement. A guaranteed amount will be payable if the policyholder survives to the end of the policy term or once the policy reaches its “maturity date.” The sum assured is paid to the beneficiaries in the event of premature death of the life assured.

Question 7

What is medical/health insurance?

Accepted Answer

Medical/Health insurance is a type of insurance coverage that covers you on disease, sickness, and/or medical expenses. The benefits of this insurance may take the form of reimbursements (of medical expenses), a lump sum payment of the sum insured, or payment of an allowance at regular intervals for the period that the Insured is hospitalised or diagnosed with any one of the specified critical illness.

Question 8

What is an investment-linked insurance?

Accepted Answer

Investment-linked insurance is a combination of investment and protection. The premiums that you pay provide you, not only with life insurance cover, but also investment value in specific investment funds of your choice. The unit price of the specific investment funds is based on investment performance of the managed funds. The benefits paid to you or your beneficiaries will depend on the price of the units at the time you surrender the policy or pass away or total permanent disability.

Question 9

What is a rider?

Accepted Answer

Riders are offered as options to the basic coverage that extends your coverage to specific contingencies like accident, disability, hospitalisation, and critical illness to meet your individual insurance needs. You need to pay additional premium for your riders.

Question 10

What is an occupation group?

Accepted Answer

Occupation group is a way to categorise jobs based on their risk levels and used to determine coverage and premium rates. It helps FWD Insurance to tailor coverage by understanding the specific risks tied to each occupation group. You must let us know if you engage in a new occupation. You may refer to FWD Insurance's occupation listing here.

Question 11

What kind of insurance policy should I look to purchase as a first-timer? (What is the right plan for me?)

Accepted Answer

The right kind of plan really depends on your financial objectives and where you are in your current stage in life. It is important to find the right balance between the amount paid and the amount insured for. We recommend that you own policies that satisfactorily meet your insurance needs and affordability. Have a look at our recommended plans here.

Question 12

How can I purchase an insurance plan with FWD Insurance?

Accepted Answer

You can purchase an insurance plan with us by visiting any of our branches, Bank Simpanan Nasional branches, getting in touch with one of our Wealth Advisors or purchasing one via telemarketing.

Question 13

What payment options do you support?

Accepted Answer

We support the following payment methods:E-WalletOnlineFuture Premium PaymentOver the counterAuto DebitMore information on our payment options can be found here.

Question 14

How do I know how much coverage I need?

Accepted Answer

A general rule of thumb is that you should set aside minimum 10 times your annual income for life protection and minimum 5 times your annual salary as income replacement for critical illness protection).

Question 15

How do I know if I can be insured? Is insurance expensive?

Accepted Answer

Each insurance application is assessed based on a person’s insurability, i.e. their age, medical profile, lifestyle, and occupation. Your risk level increases as you age, reducing your insurability. The higher the risk you pose to the insurer, the higher the premiums you pay.Some people may be asked to pay more for their insurance coverage (usually referred to as loading) or in some cases, the insurance company may consider a person to be uninsurable. It is for these reasons that we advise you to buy insurance when you’re young and healthy.

Question 16

How will I know the premium for my insurance policy?

Accepted Answer

When you purchase a policy with FWD Insurance, we make sure to notify you of the premium amount you have to pay for the current term. If there are any changes in the premium, the company will notify you in 90 days.

Question 17

Will the premium to my insurance policy increase over time? And if so, where can I check this?

Accepted Answer

You may refer to the terms and conditions stated in your policy contract or call our Customer Care Line at 1300 22 6262, for details.

Question 18

How much should I set aside for my premiums?

Accepted Answer

The general rule of thumb is that you should set aside 10–20% of your monthly income for your premiums.

Question 19

I just bought an insurance plan but would like to cancel it. Can I do this and get my premiums refunded?

Accepted Answer

Yes. Under the Financial Services Act (FSA) 2013, you are given 15 days of a free-look period from the date of delivery of the policy. If you decide to cancel your plan within this period, your premium* paid will be refunded.(* All the premiums paid, minus expenses, which may have been incurred for the medical examination of the life insured.)

Question 20

What is the difference between buying an insurance plan online versus buying one from an agent?

Accepted Answer

With a Wealth Advisor, you get a more personalised service whereby a solution can be more easily tailored to your needs. Purchasing a plan online removes this personalisation aspect and requires you to have a basic understanding of insurance so you know what your needs are and what plans to purchase.

Question 21

What kind of insurance policies does FWD Insurance offer?

Accepted Answer

FWD Insurance offers a range of flexible and convenient life coverage for you and your loved ones, such as life protection, health protection, personal accident coverage, as well as savings and investments.

Question 22

Do insurance plans purchased from your company work overseas?

Accepted Answer

You may refer to the terms and conditions stated in your policy contract or call our Customer Care Line at 1300 22 6262, for details.

Question 23

What is a nominee?

Accepted Answer

A nominee is a person who will receive the proceeds from your policy upon your death.

Question 24

Who can I nominate for my policy?

Accepted Answer

You may nominate any person, but not an organisation as a nominee.

Question 25

Can I nominate for more than 1 person?

Accepted Answer

Yes. You may either state the specific shares each nominee will receive or leave it to be divided equally. This applies to non-Muslim policyholders only.For Muslim policyholders, nominations can be made and policy proceeds will be paid accordingly. However, the nominees will have to distribute the proceeds according to the Shariah law.

Question 26

What is a trustee?

Accepted Answer

A trustee is a person that you appoint to manage/execute the sum of money as per your request in the original nomination form.

Question 27

Why do I need to appoint a trustee?

Accepted Answer

In many cases, you are likely to appoint nominees that are your children, who might not be able to know how to manage their own money. And even in the cases where you appoint your spouse or parents, the amount might be too large for them to know how to manage. Appointing a trustee takes this burden off their shoulders.

Question 28

Who should I appoint as a trustee?

Accepted Answer

You should be appointing somebody you know you can trust as a trustee. It must not necessarily be your family member and can be an organisation.

Question 29

Where should I go to complete a nomination/trustee application?

Accepted Answer

You may download the Nomination Form from FWD Insurance website and submit to us upon completion.

Question 30

What is the role of an executor?

Accepted Answer

As the executor, the person has the obligation to distribute the benefits as stipulated in the insured’s policy according to the applicable distribution laws.

Question 31

What does it mean to assign a policy?

Accepted Answer

Assignment is the transfer of the policy rights and liabilities from the policy owner to another person, which is known as assignee. Prior consent of the company is needed for an assignment to be valid.

Question 32

What is the minimum age of an assignee?

Accepted Answer

18 years old. A minor who has attained the age of 10 to 17 may assign his life policy with the written consent of his parent or guardian.

Question 33

What is an Absolute Assignment?

Accepted Answer

It is the transfer of policy ownership rights from the original owner to another party. Once the policy has been assigned, you can no longer nominate a nominee or trustee for the policy. However, premiums continue to be payable by the Payor.

Question 34

What is life insurance and why do I need it?

Accepted Answer

Life insurance, simply put, is an insurance plan that helps safeguard your loved ones in the untimely and unexpected event of your death. You need Life Insurance as a form of security to ensure that your dependents have enough income after your demise which your dependents could use for:Monthly expensesKeeping up their standard of livingChildren’s educationIf you do not have dependents:You can use Life Insurance as an investment tool. You can select either a savings policy or an investment-linked policy to start your investment. Both policies have the potential to offer you higher returns in the future. If you’re young, you may want to consider purchasing a whole life policy as the premiums are low.

Question 35

If I own a life insurance policy, who gets the money when something happens to me?

Accepted Answer

The policy money or claim benefits shall be paid to:The Assignee if there was a valid assignment prior to the death of Life AssuredThe Nominee if there was a valid nomination made prior to the death of Life AssuredThe estate of the deceased Life Assured if there was no nomination and no willThe executor of the deceased Life Assured if there is a will (Grant of Probate) or Letter of Administrative/ Distribution Order is presented

Question 36

Why do I need medical/health insurance?

Accepted Answer

With medical insurance, you will get yourself protected from rising cost of medical treatment and it provides you a hassle-free admission into Panel Hospital for medical treatment.

Question 37

What is the difference between a medical policy and a critical illness policy?

Accepted Answer

At FWD Insurance, the main difference between the medical policies and critical illness (CI) policies is that medical policies deal with the coverage of your hospitalization fees, such as room & board and surgical costs (e.g like removing an appendix). CI policies, on the other hand, will pay out a specific lump sum to the policy owner as soon as they have been diagnosed with one of the specified CIs. Additionally, our CI policies also include an income replacement aspect, as individuals who have been diagnosed with a CI may lose their livelihoods, potentially jeopardising the quality of life of themselves and their family members when hit with an unexpected diagnosis.

Question 38

I recently purchased a medical card. Does this mean I do not have to worry about making payments to the hospital upon discharge?

Accepted Answer

While you may use a medical card as a cashless payment facility, it may not cover all the expenses incurred, such as tax, extra food, and other exclusionary items. We advise you to check with your Wealth Advisor or peruse your policy to understand what items your medical card covers.

Question 39

I already have a medical card from my employer. Do I still need to get a critical illness insurance policy?

Accepted Answer

A medical card covers the expenses that you incur within the hospital setting (e.g. hospital bills, stay); however, it does not relieve you of your financial when you’re diagnosed with critical illnesses that may not require hospitalisation. Examples of such expenses include household help, supplements, and medical utensils.

Question 40

What are some of the common items that are not covered by my medical insurance during a hospital stay?

Accepted Answer

The following items are typically not covered:Telephone chargesNewspaperSpectacles

Question 41

How do we know which funds to select when purchasing an investment-linked fund?

Accepted Answer

This will depend on your risk profile and the investment-linked fund’s mandate. Please contact our Customer Careline at 1 300 22 6262 for more details.

Question 42

How often should I review my insurance policies and needs?

Accepted Answer

We encourage all our customers to review their insurance needs on an annual basis.

Question 43

What is the savings element listed in your savings & investment insurance policies? How will I know the savings amount of my insurance plan?

Accepted Answer

It is the potential upside investment returns via Investment-Linked funds. We’ll send you an annual statement regarding your latest savings/investment amount.

Question 44

How do I make a claim?

Accepted Answer

Before making a claim, we encourage you to contact your Wealth Advisor or reach out our Customer Care Personnel at 1 300 22 6262 to determine if you are covered for the event you’re making a claim for.To expedite your claiming process, download the relevant claim forms from this page, and bring original/certified copies of the required documents listed in the same claims page. Should you need further assistance, feel free to consult us at your nearest FWD Insurance branch.

Question 45

What are the supporting documents required to submit a claim?

Accepted Answer

The supporting documents for each type of claim can be found under the “Types of Claims” section from our claims page here. Click on the relevant type of claim and look for the required documents listed. Please note that the submission requirements are basic points-of-references. We reserve the right to request for other relevant documents.

Question 46

Where can I retrieve the claim forms?

Accepted Answer

Please check out our claims page here and select the type of claim that you’d like to make to download the respective claim forms.

Question 47

How can I check the progress of my claims?

Accepted Answer

You may check the status of your claims by:Contacting your Wealth AdvisorContact our Customer Careline at 1 300 22 6262 Sending us an email at ask@fwd.comSpeak to Fiby, our chatbotWhatsapp us at +603 2298 2477

Question 48

I have submitted claims for my existing policies, do I still need to pay the premiums that are going to be due?

Accepted Answer

Yes, you are advised to continue paying the premium until your claims decision has been finalized. Any excess premium will be refunded.

Question 49

If my company or other insurance company does not completely cover my medical expenses, can I claim the balance under my FWD Insurance medical policy?

Accepted Answer

You may submit the relevant documents to us for further assessment. Documents required are:Relevant Claim FormCopy of Medical Report (certification of documents from other is required)Copy of medical bills / itemized billsOriginal receipt(s) for amount not coverable from other insurer Copy of Approval letter or claims worksheet from other insurer

Question 50

Will I be able to make claims if I were admitted overseas?

Accepted Answer

You may submit all the relevant documents for our further assessment.

Question 51

Are there any additional documents required if the Life insured passes away overseas?

Accepted Answer

Yes, you will need a copy of letter on the status of Death from Oversea Letter (certification of documents is required) from Jabatan Pendaftaran Negara.

Question 52

The old bank account/credit/debit card that I used to make my premium payments have been deactivated. How can I change my payment details?

Accepted Answer

You may login to our Customer Portal to change your payment details.

Question 53

What happens if I fail to pay my premiums?

Accepted Answer

Your policy shall lapse or Automatic Premium Loan shall be applied as per terms and conditions of the policy contract.

Question 54

What happens if I’m late in paying for my premiums?

Accepted Answer

You have 31 days' grace period from the premium due date to remit the premium. Delay in remitting the premium will lead to your policy lapsing or under Automatic Premium Loan.

Question 55

Can I switch my payment mode from annual to quarterly once I’ve purchased an insurance plan?

Accepted Answer

You may change the mode of payment from Annually to Quarterly in our Customer Portal. The new payment mode will be effective upon anniversary of your policy.

Question 56

How can I access my policy details?

Accepted Answer

Please login to our Customer Portal to access your policy information. Alternatively, please contact our Customer Careline at 1300 22 6262, Monday to Friday between 8.30am to 5.30pm or email us at ask@fwd.com

Question 57

When can I receive my policy statement for income tax?

Accepted Answer

The policy premium statement will be available in FWD Insurance Customer Portal in the month of March. You may view or download the statement from Customer Portal when it's available for download.

Question 58

Can I apply for a copy of my policy contract? How do I apply for it?

Accepted Answer

You may download the Request For Alteration form from FWD Insurance website for completion. Please contact our Customer Careline at 1300 22 6262, Monday to Friday between 8.30 am to 5.30 pm or email us at ask@fwd.com for further assistance.

Question 59

I want to update some old information from my policy (i.e. address, mobile number), what do I do?

Accepted Answer

You may download the Request For Alteration form from FWD Insurance website for completion. Please contact our Customer Careline at 1300 22 6262, Monday to Friday between 8.30 am to 5.30 pm or email us at ask@fwd.com for further assistance.

Question 60

What is a policy loan?

Accepted Answer

It is a loan made by the Company to a Policy Owner with the cash value of the policy serving as security.

Question 61

What can I do if I still want to maintain my policy with FWD Insurance but I have financial issues and cannot afford to pay for my premiums?

Accepted Answer

Please contact our Customer Careline at 1300 22 6262, Monday to Friday between 8.30am to 5.30pm or email us at ask@fwd.com for further assistance.

Question 62

How/what ways can I use to file a complaint about my Life Planner?

Accepted Answer

Please contact our Customer Careline at 1300 22 6262, Monday to Friday between 8.30am to 5.30pm or email us at ask@fwd.com for further assistance.

Question 63

How can I terminate an insurance plan after I’ve purchased it?

Accepted Answer

Please contact our Customer Careline at 1300 22 6262, Monday to Friday between 8.30am to 5.30pm or email us at ask@fwd.com for further assistance.

Question 64

What is myPortal?

Accepted Answer

myPortal is a secure, self-service online platform for customers that you can access anytime, anywhere on your mobile device or laptop. You can view your certificate details, make contribution payments, self-manage and update your information.

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