There many financial products out there in the market for you to pick. Some of the products and services like insurance, unit trusts, bonds, money market funds, shares, hedge funds, properties, will writing and private trust. Normally, you can buy these from a few channels like banks, agents and financial planners.
Lets discuss a little about insurance.
Why people buy insurance and later they regret buying? Well the question is, are you buying the insurance that fits your needs OR you fits your needs to the insurance you bought? At such, many people that have bought one or more of the insurance products are stuck with it and do not know exactly what to do. Take for example, I often heard people complaining and saying that "insurance is cheating". But is it true? Is it really that insurance that cheats? Or is the person that sold that cheats? Or your needs have changed that make the insurance policy inefficient? Worst of all, you do not know what you bought! Only you will know the answer to this question.
I would advise that you evaluate your insurance policies when there is a change in your family, age, job, etc. That's a big job, right? Well, approach a qualified and knowledgable person to assist you. You can get agents from different companies or a financial planner to do that. They should offer you solutions to your problem and not mere suggestions. Please have at least 3 quotations, make comparisons and DO NOT compromise.
Typically, there are only 3 types of life insurance plans and 1 medical insurance plan. There are the whole life, endowment, investment-linked, and Hospital and Surgery Medical plan. They are marketed in many plan packages like education plan, retirement plan, savings plan, protection plan, etc.
Takaful
Not many years back, takaful was introduced for the muslims. Takaful is a scheme whereby a group of participants mutually agree among themselves to guarantee each other against a defined loss(es) or damage(s) that may be inflicted upon any of them, by contributing a tabarrau' or donations in the takaful fund. Typically, the 2 models in takaful are wakalah and mudharabah.
Lets discuss a little about insurance.
Why people buy insurance and later they regret buying? Well the question is, are you buying the insurance that fits your needs OR you fits your needs to the insurance you bought? At such, many people that have bought one or more of the insurance products are stuck with it and do not know exactly what to do. Take for example, I often heard people complaining and saying that "insurance is cheating". But is it true? Is it really that insurance that cheats? Or is the person that sold that cheats? Or your needs have changed that make the insurance policy inefficient? Worst of all, you do not know what you bought! Only you will know the answer to this question.
I would advise that you evaluate your insurance policies when there is a change in your family, age, job, etc. That's a big job, right? Well, approach a qualified and knowledgable person to assist you. You can get agents from different companies or a financial planner to do that. They should offer you solutions to your problem and not mere suggestions. Please have at least 3 quotations, make comparisons and DO NOT compromise.
Typically, there are only 3 types of life insurance plans and 1 medical insurance plan. There are the whole life, endowment, investment-linked, and Hospital and Surgery Medical plan. They are marketed in many plan packages like education plan, retirement plan, savings plan, protection plan, etc.
Takaful
Not many years back, takaful was introduced for the muslims. Takaful is a scheme whereby a group of participants mutually agree among themselves to guarantee each other against a defined loss(es) or damage(s) that may be inflicted upon any of them, by contributing a tabarrau' or donations in the takaful fund. Typically, the 2 models in takaful are wakalah and mudharabah.
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