KUCHING: Malaysians who are anxious about retirement, healthcare costs and leaving wealth for their children’s future can find solace as there are two new protection options with the launch of FWD Hayaat and FWD LegacyGuard/ LegacyGuard+.
FWD Takaful Berhad and FWD Insurance Berhad have jointly introduced the products this week, aimed at the country’s emerging affluent segment.
The company said its launch was culminated as households face higher living costs, stagnant incomes and growing uncertainty over long-term financial security.
According to the FWD Well-Living Index 2024, conducted with global market research agency, Ipsos, it revealed that more than 75 per cent of respondents in this income group already use protection plans to save for retirement or their children’s education.
It stated that nearly half of the respondents worry about accidents, 45 per cent fear critical illness or disability, and 30 per cent are concerned about losing the family’s breadwinner.
The study also found three in 10 Malaysians feel anxious about retirement planning, citing insufficient funds and rising healthcare expenses.
FWD Takaful chief executive officer Aman Chowla said that FWD Hayaat is designed to cover age-related illnesses such as Alzheimer’s, dementia and Parkinson’s, and to provide payout for disabilities caused by illness or injury.
The benefits include full payouts for death or total permanent disability, as well as legal aid and emotional care support for families.
“With FWD Hayaat, we’re addressing the challenge of ensuring a comfortable retirement and supporting customers through the later years with long-term care benefits,” he said.
Meanwhile, FWD Insurance chief executive officer Mak See Sen explained that the FWD LegacyGuard and LegacyGuard+ focus on legacy planning and retirement, with coverage lasting until age 128.
The plans, he said, allow benefits to be passed on beyond one generation, including guaranteed cash payments that increase by 10 per cent every five years.
“LegacyGuard+ adds annual cash payments during the premium term to provide income before legacy benefits begin. These plans are designed to help customers build and preserve their legacy, while offering long-term protection for future generations,” he said.
FWD said both products reflect its strategy to deliver flexible and comprehensive takaful and insurance solutions tailored to shifting financial landscape.
For more information on the new FWD Hayaat and FWD LegacyGuard/ LegacyGuard+, those interested may visit www.fwd.com.my.
