Whats your views on Life Insurance??
By dev.in.doha •
Dear Friends,
Life insurance is required by every individual for his/her family's financial security/income continuation in case of any eventuality,due to accident or sickness resulting in total disability or death of the breadwinner.
pls. express your views on this......is insurance essential or not????
As a post for peoples opinions. Not all Life Insurance policies provide funds at maturity for old age/retirement.
There are many forms of policies such as Whole Life and Term insurance. You must study all of them and be very knowledgable about them before purchasing. Especially the fine print that tells you all the reasons the company will not pay.
Perhaps you should advertise in the classifieds rather than post on the main boards.
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"A Wise Man knows what he does not know!"
UK..now a days we have tailor made plans, which will cover all ur needs in one policy, what u r refering as death insurance is pure term insurance. Which is like car insurance, if u die ur family gets claim..simple
dEV,
eVeRyTHinG dEsIRAblE, Is eITHEr eXPEnSIVe, bAnnED, ilLOgiCal oR SeEING(maRRiED to) sOMEonE ElsE...... ;-)
dev.in.doha.. I think you are referring to a pension which is difference than a Life Assurance policy?
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HE WHO DARES WINS
Ukengqatar..its not only death insurance..if u survive till maturity of the policy, u get the money for ur old age(Pension or lumpsum).......its in case of death only ur family get risk cover...so its not only death insurance.
dEV,
eVeRyTHinG dEsIRAblE, Is eITHEr eXPEnSIVe, bAnnED, ilLOgiCal oR SeEING(maRRiED to) sOMEonE ElsE...... ;-)
Life Insurance is for the one left behind after you die.. So MD is right it is really Death Insurnace to benefit the dependents once you are gone..
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HE WHO DARES WINS
Very well said alexa, thats the reason why insurance came into existence, and, why people insure themselves.
This is more of a income protection for your loved ones.
Tess, thats the actual way to pitch insurance. And, the way agent sells, those are the real benefits. And, if u love your family, and dont want them to suffer in ur absence insure urself adequately.
Samix, nothing offensive on islam or muslims, i just want to know from u, how it is gambling when u r doing something for ur family. It is not done for your personal gain, and after breadwinner's death his/her family gets income from the insurance to run daily expenses.
Exiledsaint, i agree after death it doesnt add any value to u, but what about your dependents.
dEV,
eVeRyTHinG dEsIRAblE, Is eITHEr eXPEnSIVe, bAnnED, ilLOgiCal oR SeEING(maRRiED to) sOMEonE ElsE...... ;-)
The name is misleading. It's "Death Insurance". (Doesn't sell well, though.)
If you are a muslim then it is not Allowed to have life insurance as it is a form of riba and gambling
There are two angels to it
1) The believer rather than relying on insurance from Allah relies on his creation and falls into riba in his/her fear of an uncertain future
2) Its gambling as you say 'I put $10 and will get back $100 if I break my leg' also this is an unfair increase.
Hence, it clearly falls into riba and gambling, so if you are a muslim you need to take that into consideration.
It no good to me when I am dead.
essential for what? just another way for the companies to take money from the common man and not return it to him.