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Your holistic Takaful protection journey

Your holistic takaful protection journey

Your holistic Takaful protection journey

Our personal life journeys are as uniquely rich and diverse as perhaps the languages people speak. As close as they may seem, no two paths are identical. When you’re setting out on a journey, it’s important to create a plan so that you stay organised and feel confident about reaching your destination. The same is true when planning your Takaful protection journey. Your protection needs are likely to change, it’s basically walking through all of your life cycles. From starting a career, buying a first home, to marriage, welcoming new family members and retirement; various milestones affect your life in many ways. Take a look at these major events that can trigger a need or change in Takaful protection to help determine if it’s time for you to examine your protection needs.

Your holistic takaful protection journey - starting your career phase

20's - Starting your career

When you are just starting out, Takaful protection may not be your first concern. You are in your 20s, the temptation of lifestyle inflation can be alluring. It is when you start seeing your peers driving fancy cars, flashing the latest gadgets and travelling to exotic destinations every now and then. Most of you would make the mistake of forgoing Takaful protection when you are young and single because you think that Takaful protection plans are best for those who have financial dependents. This is where you are wrong. The sooner you get started, the greater benefits you will reap because the younger and healthier you are, the cheaper Takaful protection plans can be. The monthly contribution of a Takaful protection plan is increasing as you get older. Getting the coverage now is a great way to care for your dependents in the future. Do not depend on the coverage provided by the employer alone, as it is may not be sufficient and might not extend to your future spouse or children.

This is the best time to participate in a basic Takaful protection plan that is most affordable to you that provides protection against misfortune like death, accidental and medical. It is best to find a protection plan that is flexible which offers a range of different type of riders to be added later when you are more financially stabled. Find our range of Takaful protection plans within your affordability.

Your holistic takaful protection journey - start your married life and expand your family

30's - Married life, expanding your family

Getting married is an exciting and important moment in the life of two people, so it is important to start your life together in harmony. It is also the year when you start having major responsibilities. As you enter 30s, you start to chalk up more financial commitments. From hire purchase, mortgage and credit card debt, the amount of debt begins creeping up steadily as your life commitments increase. You will also most probably have children and your family will be financially dependent on the breadwinner. You shall also start planning for you children’s education by now, which makes your 30s the best time to participate in Takaful if you haven’t already.

Help financially protect the life you are building together with a Takaful protection plan for you, spouse and your offspring. The Takaful protection plan can very much help your spouse cover outstanding bills such as mortgage and for your family to maintain their standard of living should you pass unexpectedly. As you may have settled comfortably in your profession, a Takaful protection contribution would not be too much of a burden. Find a Takaful protection plan that offers comprehensive family takaful coverage for your whole family that provides death and disability benefit, medical and health Takaful, child education Takaful, as well critical illness coverage. This will also be the time when you have a good appetite for risks and may look towards investment-linked Takaful protection plan to grow your savings for future use.

Your holistic takaful protection journey - sandwich generation phase

40's - Sandwich generation

Welcome to the Sandwich Generation years! When you enter your 40s, what started in your 30s truly falls into place. You are likely to be juggling the needs of your parents, children, as well as your own, all at the same time. Your children grow older and start going to high school or college, your parents enter their senior years and may require more medical attention and you are still paying for financial liabilities like mortgage and hire purchase. Many of those in their 40s are starting to feel the heat of this. That is why it is only wise to constantly review your Takaful coverage during this phase and upgrade or participate in a new plan to protect your additional commitments. There must exist a backup plan that helps your family in difficult times if anything untoward happens to you.

As you are reaching the end of 40s, you are also halfway to retirement and will need to evaluate your journey’s success so far. As you continue through this stage of life, you will become closer to your peak earning and becoming debt free is the ultimate life goal, so your focus will turn to wealth accumulation as you start thinking about your retirement years ahead. This is the phase when you think of finding new source of income after your salary stops coming in. A wealth accumulation Takaful is the best plan to participate at this stage as it ensures that you receive pay-outs and investment returns to cover your expenses without slowly eating into your savings whilst getting protected against misfortune.

Your holistic Takaful protection journey - Retirement and legacy phase

50's - Retirement and legacy

When it comes to retiring, make it a carefree one. Many people had outstanding debt when they died, leaving financial burden to their family members they left behind. By this time you should be focusing on debt settlement and be as debt free as you can be as you are embarking on retirement. When you reach retirement, you may have less income but with fewer expenses to enjoy the freedom.

So, if you want to protect your family and loved ones, pay off debts, top-up your retirement fund or leave an inheritance to your next-of-kin, participate in a Takaful retirement and legacy plan where you only pay contributions for a certain period of time and enjoy coverage as well as returns upon maturity.

Plan your takaful protection journey by planning 5 to 10 years ahead

There are many types of Takaful protection plans that are very useful, but only at the right stage. It is important to make the correct decision based on your age as well as financial standing when it comes to participating in a Takaful protection plan. As you go through the different stages of life, it is imperative that you always plan ahead. Far too often people start planning after it is too late. Always be thinking about the next 5-10 years and take a moment to evaluate your Takaful coverage needs as you go through life moments to reach your goals at the end of the journey.

Great Eastern Takaful offers a comprehensive Family Takaful plan with the flexibility to attach riders as your needs evolve along with the development of your life. Get in touch with our Takaful Advisor or find out variety of Takaful protection plans that suit your needs.

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