01/

Am I applicable for B40 Kasih if I am working Part-time and Interning during university?

●    Yes – FWD Kasih is designed for people who otherwise could not afford takaful. As long as you’re not earning more RM5,000 a month, you can – working or not

03/

In the 4 quadrant of Spending Behaviour, which one should I follow?

●    As much as possible, put aside some money for savings and protection. You don’t have to spend all 90% on these 2 items – you want to live life too. But don’t forget to put aside for these important solutions. 

05/

How to calculate my monthly payment and type of insurance I should take for insurance coverage?

●    The most important piece is your basic coverage which is 10x of your annual salary. Why you may ask – it’s an estimate needed to cover your financial obligations and/or amount needed to be left behind for your loved ones to continue with their lifestyle, especially if you’re a breadwinner. You may ask – I’m a student so I don’t have anything to leave behind. But remember, if you have parents, they are probably coming or already at the age of retirement. All their lives, they have sacrificed financially for your wellbeing – wouldn’t you want to leave something behind for them to help out enjoying the remaining days of their lives – of which you would have provided if nothing had happened to you. Next is 5x of your annual salary for critical illness – similarly estimate of cost to cover some of the major expenses – loss of income to continue with life and potential medical costs.

07/

I have trouble currently saving money because I had to take out a personal loan previously and now Im saving up for marriage. What insurance could I get?

●    If you have trouble saving money – it’s even more reason to take up takaful. With takaful, if there is death or total and permanent disability, a lump sum of money is paid out to the surviving family. The surviving family can use the takaful money to pay off outstanding loans. For example, if you could put aside RM100 a month, you can only save RM1,200 a year. Taking FWD Kasih, if you’re paying RM2/RM2.50 a month, in case anything happens, RM10,000 is left behind. 

09/

 What is Takaful?

●    As Takaful is a risk management tool that is based on the concept of mutual cooperation. Mutual cooperation means a group of people agree to help each other out when specific unfortunate events happen. In family takaful, participants of a takaful plan agree to help each other out when a death, illness and disablement happens. 

How do they help each other? They agree to donate to a fund. They agree that if anything happens to each other – money will be taken from the fund to pay to the person who experienced death, illness, or disablement. The takaful operator is the party that processes the applications of people to join, invest money in the fund so that the fund grows over time and make sure that nobody takes the money from the fund in a dishonest way. 
 

02/

I’ve just applied for a job, and was offered only RM2,200 and after budgeting I don't think I have enough to budget for insurance? What should I do?

●    You can look back at your budget and see if you have any room to spare RM2.50 a month. That’s how affordable FWD Kasih is.  Minimally it provides a financial safety net for you (in case of TPD) and your loved ones. 

04/

Is insurance a need for students?

●    Takaful is a need for everyone because we are all exposed to unexpected events. Accidents happen as we’ve seen. We don’t have to talk about these things and live a life of worry – but we should manage the risk of unexpected events using takaful. It doesn’t matter whether you’re a working adult, student or even a child – everyone is exposed to the same risk. Don’t believe it – look at COVID-19. 

06/

Should I buy insurance only after I start working?

●    You can take takaful as early as 18 years old. You don’t need to wait to join the workforce. Good habits should start as early as possible. It’s cheaper and can remain at a low price point even as you grow older. 

08/

I am muslim and already have insurance, do I still need Takaful?

●    If you are a Muslim, it is highly encouraged that you take takaful – it is line with your religious belief and obligations. In terms of coverage – your coverage amount should increase over time to match your increasing commitments. If you already have a takaful plan, you should check if the sum covered you currently have is still good enough for you. 

10/

Given the Covid -9 situation, does this type of protection, covers these issues?

●    The scariest thing about Covid 19 is the risk of dying from it. The worry of death in addition to the devastation of losing a loved one who is the breadwinner – is the risk of loss of income. How will families continue to pay for living expenses while having to grieve the lost of a loved one? Takaful cannot stop bad things from happen. But it can help minimize the impact of financial stress that happens because of unfortunate events. 
A term takaful plan is the tool to manage this financial stress. It pays out a lump sum benefit if ever a death happens. 
There are some takaful product that might exclude pandemic such as COVID-19 but there are products that doesn’t – for students for instance – FWD Kasih.