How to choose the Takaful / Insurance Plan or Scheme

Why we need : -

1. We must pay attention in secure our future
2. We also need to protect our possession
3. full protection to cover our health without decreasing our saving accounts
4. of course to covering our personal needs especially when something unexpected happen

Takaful's Product : -

1. Family Takaful / Insurance
2. Investment -linked Takaful/ Insurance
3. Child Education Takaful / Insurance

Did you know :
We, at least need has a saving  8 times  incomes from our monthly  income to protect and make comfortable for the short term to our family when suddenly something unexpected happen especially  who contribute the income to their family.But for the long term we need 8 times from our annual income to ensure the financial securities is adequate and not burden our loved ones.So we must have a sufficient financial including to settle the debts (home loan,car loan etc) or child education or medical bills (if we disable or ill).

example :-

Ahmad's nett salary per month = RM 5000,so annually income = RM60000, has a wife, one kid which is at age of 2years, having a car and house.

Ahmad 's  monthly financial obligations :

•          Home loan repayment          = RM 1200
•          Car loan repayment              = RM 800
•          Household expenses            = RM 1800

---------------------------------------------------------------

 Totally montly expenses                        = RM 3800

So  yearly expenses                              = RM 3800 x 12 = RM 45600

For the short term protection if unexpected happen -
Backup of saving need to have before the family can decided to move on in finding the others sources / ways to pays our debts and family expenses :

= RM 3,800 x 8months = RM30,400  
..thats only the backup for the months expenses not include medical bill or etc... 


For comfortable and sufficiently financial protection ( long term) for our family we need -
=RM 3,800 x 12mnths x 8times (8 portion for faraid) = RM 364,800 
....on the spot on our account if we totally disable or pass away..


How much times Ahmad need to cover that sum if he put the money on saving account-


RM 5,000-RM 3,800 = RM 1,200 (balance after deduction of expenses & loans repayment)


RM 364,800   = 304 months = 25.3 years
RM 1,200
....quite long time's frames to get that cash values..
And what happen if at 3 years saving, Ahmad has been diagnosed with failure kidney or critical illness or Total permanent disable.......could we imagine that hard situation happen to him or us..