About 63% of Malaysian women lack self-perceived insurance understanding: report

Only 23% expressed confidence in their understanding of insurance and takaful products.

Nearly two-thirds of Malaysian women have a poor self-perceived understanding of insurance and takaful products, this is almost two times more than the men surveyed, according to Sun Life Malaysia’s “Insure or Unsure: Sun Life Insurance Literacy Survey”.

“It is disheartening to see such low levels of literacy among those surveyed. In today’s ever-changing economy, Malaysians need to bolster their financial resilience by acquiring the necessary knowledge and skills to manage their finances and plan for the future,” said Raymond Lew, chief executive officer of Sun Life Malaysia.

The report surveyed 1,107 Malaysians, which revealed that one-third or 32% of Malaysians have no insurance or takaful protection despite 72% acknowledging its importance in providing financial protection against unexpected life events.

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Ninety-two per cent of those without a policy fall into the monthly income bracket of RM5,000 and below.

The survey also showed that 22% of respondents have little to no insurance knowledge and 55% are unsure about their understanding and rely on others for assistance. Only 23% expressed confidence in their understanding of insurance and takaful products.

Women were reported to be twice as likely as men to face difficulties in recalling key information about their insurance or takaful plans. Additionally, it was found that Malaysian women are doubly reliant on agents for policy comparison and recommendations compared to men.