Inaccurate prediction would cause the insurance company encounter catastrophic losses and may lead to overpriced premiums where low-earning consumers cannot afford to insure themselves. The ability to forecast mortality rates accurately can allow the insurance company to take preventive measures to introduce new policies with reasonable prices. In this paper, several Lee–Carter (LC) based models are used to forecast the mortality rates in a case study of the Malaysian population. The LC-ARIMA model and also a combination of the LC model with two machine learning (ML) methods, namely the random forest (RF) and artificial neural network (ANN) methods are utilized on the prediction of mortality rates for males and females in Malaysia, whereby the LC-Random Forest (LC-RF) hybrid model is a new model that is introduced in this paper. Seventeen years of mortality data in Malaysia are selected as the dataset for this research. To analyze how the forecasting models perform for other countries, we have determined the model that has the best fit and produced the best forecasted mortality rates for all the other countries that are studied. This research has showed that LC-ANN and LC-ARIMA are the best model in predicting the mortality rates of males and females in Malaysia, respectively. This study has also found that the LC-ARIMA model is the best performing model in forecasting the mortality rates in countries that have longer life expectancy and a good healthcare system such as Sweden, Ireland, Japan, Hong Kong, Norway, Switzerland and Czechia. In contrast, the LC-ANN model is the best performing model in forecasting the mortality rates in countries that have a less efficiency, less accessibility healthcare system, and bad personal behavior such as Malaysia, Canada and Latvia.