Sabah Finance Minister urges focus on life insurance and takaful

Sabah Deputy Chief Minister and Finance Minister Datuk Seri Masidi Manjun has advised the public to prioritize life insurance and family takaful in their financial planning. This recommendation aims to help citizens manage health risks, loss of income, and global uncertainties.

Speaking at the AKARD 2026 Awards ceremony in Kota Kinabalu, Masidi noted that economic strength is measured not only by growth but also by the financial resilience and security of the people. He highlighted that rising healthcare costs and medical premiums are placing increasing pressure on families.

Masidi expressed support for Bank Negara Malaysia’s Medical and Health Insurance and Takaful (MHIT) reforms, including interim measures to spread premium adjustments over at least three years. He also noted the proposed MediAsas standard medical protection plan, which is targeted for nationwide implementation in January 2027.

Furthermore, the Minister emphasized the importance of professional ethics, urging insurance and takaful advisors to provide clear, honest, and transparent advice regarding policy benefits, costs, and limitations to ensure customers choose products suited to their needs and abilities.