Types of Insurance

Types of Insurance

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

General Insurance

General insurance is basically an insurance policy that protects you against losses and damages other than those covered by life insurance. For more comprehensive coverage, it is vital for you to know about the risks covered to ensure that you and your family are protected from unforeseen losses. The coverage period for most general insurance policies and plans is usually one year, whereby premiums are normally paid on a one-time basis. The risks that are covered by general insurance are:

Property loss, for example, stolen car or burnt house Liability arising from damage caused by yourself to a third party Accidental death or injury   The main products of general insurance includes:   Motor insurance Fire/ House owners/ Householders insurance Personal accident insurance Medical and health insurance Travel insurance