All too often we hear about various types of insurance policies without really understanding what they are and more importantly, what they protect. The truth is, there are two main types of insurance, namely life insurance and general insurance which covers different aspects in your life.
 
Things I Should Know

Basic principles of insurance

Where can I get insurance products?

Tips on buying Life insurance

Dealing with insurance and takaful intermediaries

Important provisions in
a Life insurance policy

Am I covered?
What Else Can I Do?

Read our FAQs on life insurance

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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 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/ Houseowners/ Householders insurance
Personal accident insurance
Medical and health insurance
Travel insurance
 
 
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For more information on insurance, download our booklet on fundamentals of insurance and takaful.