KUALA LUMPUR, March 8 — Sun Life Malaysia’s recent “Insure or Unsure: Sun Life Insurance Literacy Survey” sheds light on concerning trends in insurance awareness among Malaysians. Out of 1,107 respondents, only 28% expressed confidence in understanding insurance and takaful products, with a staggering 32% admitting to having no insurance protection despite recognizing its importance in ensuring financial stability. The survey also highlighted a gender gap in insurance literacy, with 63% of women reporting poor understanding of insurance topics, raising concerns about their vulnerability to financial risks.
Women were found to be twice as likely as men to depend on agents for policy information and recommendations. Raymond Lew, CEO and President/Country Head of Sun Life Malaysia, emphasized the pivotal role of insurance literacy in navigating uncertain financial landscapes. He announced the launch of the InsureLit Campaign to address the issue and empower Malaysians to make informed financial decisions, signaling a proactive step towards bridging the insurance literacy gap in the country.
