Types of Insurance

TYPES OF INSURANCE

All too often we hear about various types of insurance policies without really understanding what they’re and more importantly, what they protect. Actually, there are 2 main types of insurance, which are life insurance and general insurance which covers different phases in your life.

LIFE INSURANCE           

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

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

 

Risks that are covered by life insurance are:

  • Premature death
  • Income during retirement
  • Illness

Main products of life insurance include:

  • Whole life
  • Endowment
  • Term
  • Investment-linked
  • Life annuity plan
  • Medical and health

GENERAL INSURANCE

General insurance is an insurance policy that protects you against losses / damages other than those covered by life insurance. For more inclusive coverage, it is important for you to know about the risks covered to make sure that you and your whole family are protected from unforeseen losses.

The coverage period for most general insurance policies and plans is usually 1 yr, whereby premiums are normally paid on a one-time basis.

Risks covered by general insurance are:

 Property loss, for i.e. stolen car or burnt house

 Liability arising / increasing from damage caused by yourself to a 3rd party

 Accidental death or injury

General insurance main products includes:

Motor insurance

Fire / House owners / House-holders insurance

Personal accident insurance

Medical and health insurance

Travel insurance

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