Sunday 15 February 2009

Life Insurance

Life insurance is an insurance coverage that pays out a certain amount of money to the insured or their specified beneficiaries upon a certain event such as death of the individual who is insured. This protection is also offered in a Family takaful plan, a Shariah-based approach to protecting you and your family.

The coverage period for life insurance is usually more than a year. So this requires periodic premium payments, either monthly, quarterly or annually.

The risks that are covered by life insurance are:

Premature death
Income during retirement
Illness
The main products of life insurance include:
Whole life
Endowment
Term
Investment-linked
Life annuity plan
Medical and health

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