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Insurance matters in Muslims community

The system of Islamic insurance is based on the principle of mutual understanding and gift giveaway donation where the risk is shared collectively by the group voluntarily.

This is a pact among a group of members who agree to jointly guarantee among themselves against loss or damage to any of them as defined in the pact. Takaful is an Arabic word which means guaranteeing each other.

Bayt al-mal (بيت المال) is an Arabic term that is translated as “House of money” or “House of Wealth.” Historically, it was a financial institution responsible for the administration of taxes in Arab states, particularly in the early Islamic Caliphate around 600 AD. It served as a royal treasury for the caliphs and sultans, managing personal finances and government expenditures. Further, it administered distributions of zakat (compulsary charity) revenues for public works.

Source : Wiki

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Auto insurance coverage is more valuable than premium

By focusing on the increasing ratio of road accidents, we realize the significance of increasing rate of auto insurance policy. Car insurance does not only provide us with the cover for hospital expenditures in case of an accident but also keep us vigilant to drive safely. While applying for an auto insurance policy, you will be asked to provide correct information. For your information, hybrid energy efficient car can get couple dollars discount. Remember what else you can mention to the insurer to get a discount. But do not get a discount by eliminating valuable coverage that you need most.

Free life insurance for working parents

“We support the communities we serve and work in through charitable contributions and leadership. One of the ways we do this is through LifeBridge, a unique free life insurance program that helps children of income-eligible families pay for their education expenses if their insured parent or guardian passes away during the term of the policy. It’s designed to help parents protect their dream of providing an education for their children — even if they can’t be there to provide for them. We’re proud of the positive impact LifeBridge has on the lives of participating families,” said one of our LifeBridge coordinator Madeline Landrau of US Insurance group.

Provider: MassMutual Financial Group

Civil rights in Islam

Ask a widow the need of a life insurance policy.

In the name of Allah, Most Gracious, Most Merciful.

“And those who are taken in death among you and leave wives behind – for their wives is a bequest: maintenance for one year without turning [them] out. But if they leave [of their own accord], then there is no blame upon you for what they do with themselves in an acceptable way. And Allah is Exalted in Might and Wise.” (Sura Bakara 2:240; translation: Sahih international)
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Muslim Funeral Insurance:

The expenses of preparing the dead, like the fees for the person who digs the grave, the fees of washing the dead, and the price of the coffin and the like, should all be paid from the money of the dead, in principle, and if he has no money, then it is those who were obligated to spend on him who should provide the above. If there is none, then it is Bayt-ul-Maal (the public treasury of the Muslims) that should spend on this, and if there is no Bayt-ul-Maal, then it is the Muslims who are present around him (at the time of death) or who heard of him who should provide this.

Muslim Funeral Insurance premium rate chart for US Muslims

Shariah about this program:

Al-Buhooti from the Hanbali School of jurisprudence said:

“The expenses of the dead should be spent from his money [inheritance] according to reasonable grounds, and if the dead has no money, like if he did not leave any money, or that his money was lost before preparing him for his funeral, then it is those who were obligated to spend on him who should spend on his funeral, because they were obligated to spend on him during his life, and the same applies after his death.”

On the other hand, it is permissible to set up a fund for the funerals in order to pay for the expenses of preparing the dead for burial especially in non-Muslim countries.
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Life insurance could play an important role to protect financial future of a vulnerable family or institute.

NINC, as NY #1 incorporation for Islamic insurance broker farm, provides excellent services in New York City residents with support from US insurance companies among which AIG, Ameritas, MassMutual, MetLife, Transamerica, and Prudential are noteworthy.

Final Expense in New York

Proper coverage for funeral is vital in Final expense plan.

Funeral insurance policy can cover these concerns and more. Set aside $ every month to ensure that your beloved dependents can continue their daily expenses in the event of your sudden death or disability. Funeral insurance is a small life insurance issued by MetLife, Ameritas, MassMutual, AIG companies. In addition our legal unit pursues New York City Burial Unit to extend help for survivor family regarding Burial fund for those who have not left any money. A basic funeral costs minimum $7,000 in USA.
Step One is to start saving in your own funeral fund or step two is to buy funeral insurance.

Final Expense plan includes

Funeral coverage
• Income replacement: Ameritas of NY compensates $50,000 to $200,000 to insured’s family when the head of household (insured) dies.
Charitable giving

Burial Assistance Information

Government is there to take care funeral?

The Human Resources Administration (HRA) will provide financial assistance to individuals in need of assistance to meet funeral expenses. These funds are available when an indigent resident of New York City dies who may have been in receipt of Supplement Security Income (SSI), Cash Assistance (CA), or leaves no funds to cover his or her burial expenses, and there are no Legally-Responsible Relatives (LRR) able to pay the funeral expenses. In order to get assistance to get access this fund, you may like to be a registered member of Muslim Funeral 24-7.

How much funeral expense is covered by NYC HRA?

1. HRA will pay up to $900 towards burial expenses, but total burial expenses must be no more than $1,700. The cost of cremation or grave and grave opening charges are excluded, however, the cost of burying the ashes, after cremation is not excludable in calculating the $1,700 total cost. If the total funeral bill exceeds the amount of $1,700, HRA will make no payment.

2. Any asset (whether or not previously assigned to HRA), that was available to the deceased or any amount that a LRR (e.g., a spouse or parent of a minor child) may have had on the Date of Death (DOD) is deemed available, and any amount paid or to be paid by any other source, will be subtracted from the $900 payment if the claim is determined eligible for payment. Any assets or resources left by the decedent on the date of death will be subtracted from the $900, if the claim is otherwise determined to be eligible.

Selecting the Appropriate Key Person Insurance in New York

Business owners in America are well aware of the fact that a “Key Person” is the soul of any business. A “Key Person” could be the owner him/herself or any trusted employee of the respective company. This person usually holds a significant position in the business. Thus, the death of such a person can bring catastrophic losses to the company. A business might just have to close down if a Key Person Life Insurance policy is not in place when the key person of the business dies. That is exactly why a Key Person life insurance is well-suited for providing protection for the business to prepare for the contingency, and why Mohammad Nasirullah, an agent with New York Life Insurance Company, has come forward to help out the business people of New York to prepare for such situations.
How Does It Work? The arrangement is simple: The employer (business entity) is the owner, beneficiary and premium payer of a permanent life insurance policy on the life of the key person subject to the consent of the insured key person. At the death of the key person, the insurance company pays a death benefit, which is generally income-tax free, to the business, to help offset the economic loss to the business due to the death of the key person. This may, however, subject a business to the Alternative Minimum Tax that you should discuss with your tax adviser.
The Key Person life insurance policy simply provides the necessary funding for the business in this difficult time of need, which can be used for training or be recruiting the successor, paying the creditors and so on to keep the business running. Therefore, a Key Person Life Insurance policy can help assure the confidence of the business and its customers and creditors for a smooth transition upon the loss of the business’s key person. According to Mohammad Nasirullah, even though a little help may come from the business’s cash reserve or sinking fund or from its bank loans, these usually may not be adequate or effective compared to what a Key Person Life Insurance offers. The advantages of a Key Person Life Insurance, according to Mohammad Nasirullah are: “The death benefit will be paid out upon the loss of the key person when the business needs the money most. The insurance proceeds are not only generally federal income-tax free, but also protected from creditors. Most importantly, with the insurance proceeds, the business may never have to be closed down due to lack of funding.”

Mortgage protection insurance

There are mortgagees who pay an extra amount with their mortgage payment to get the benefits of paying off the total loan earlier. But, life often throws a curveball. What would happen if the mortgagee dies before the mortgage is fully paid? A well-crafted whole life insurance policy can help protect the mortgagee‘s family from foreclosure as well as to pay off the mortgage earlier. By the way, thanks to the insurance proceeds received, the mortgagee’s family may even be able to choose to buy a fully paid up new home at their chosen location or in a better neighborhood which is more convenient for children’s education.

Mortgage insurance pros and cons

Mortgage Protection workshop for Homeowners

Learn about:
1. Pay yourself vs pay the bank
2. How to prevent foreclosure
3. How to accelerate your mortgage payment, and payoff you mortgage 10 years early without risking principal.
4. Making sure your family stays in the same home in the event of income loss due to death or disability or unemployment.

Dipaola Financial Group,
60 East 42nd street, Suite 1050,
New York, NY 10165
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MPI for Bengali homeowners

আপনার মর্টগেজ কি সুরক্ষিত?


মর্টগেজ পরিশোধকারীদের অনেকেই তাদের কিস্তির সাথে অতিরিক্ত অর্থ প্রদান করে নির্ধারিত সময়ের পূর্বে সম্পূর্ণ ঋণ পরিশোধ করেন| কিন্তু মানুষ ভাবে এক আর হয় আরেক| পুরা মর্টগেজ ঋণ পরিশোধ হবার পূর্বে যদি মর্টগেজ পরিশোধকারীর মৃত্যু হয় তাহলে কী উপায়? একটি সুন্দর হোল লাইফ ইন্সুরেন্স পলিসি একটি পরিবারকে যেমন বাড়ির মালিকানা হারানোর হাত থেকে সুরক্ষায় সাহায্য করতে পারে, তেমনি আগেভাগে মর্টগেজ পরিশোধেও সাহায্য করতে পারে। এমনকি,ইন্সুরেন্স থেকে প্রাপ্ত অর্থ দিয়ে মর্টগেজ পরিশোধকারী পরিবার তাদের পছন্দের জায়গায় অথবা তাদের সন্তানদের পড়াশোনার জন্য আরো ভাল সুবিধাজনক মহল্লায় একটি সম্পূর্ণভাবে মূল্য পরিশোধিত বাড়ি কিনে ফেলতেও পারেন।

মর্টগেজের মুখ্য পরিশোধকারীর মৃত্যুতে সম্পূর্ণ মর্টগেজ পরিশোধে সহায়তার জন্য লাইফ ইন্সুরেন্স একটি নির্ভরযোগ্য পন্থা|

লাইফ ইন্সুরেন্স না থাকলে,মুখ্য উপার্জনক্ষম ব্যক্তির মৃত্যুর পর বাড়ির মালিকানাস্বত্ব চলে যেতে পারে। লাইফ ইন্সুরেন্স থাকলে,পরিবার চাইলে আরো ভালো মহল্লায় যেয়ে বসবাস করে তাদের সন্তানদের আরো ভাল ভবিষ্যত নিশ্চিত করতে পারে। অথবা পরিবার তাদের অবশিষ্ট মর্টগেজ ঋণ শোধ করে নিজের বাড়িতেই নিশ্চিন্তে থাকতে পারে| তাই লাইফ ইন্সুরেন্সই হতে পারে স্নেহের সন্তানের জন্য একজন পিতার সর্ব শ্রেষ্ঠ উপহার| গভীর ভাবে চিন্তা করলে আমরা অনুধাবন করব যে, সন্তানের জন্য সম্ভবত লাইফ ইন্সুরেন্স-এর চেয়ে সুন্দর উপহার আর কিছু হতে পারে না| আপনি পরজগতবাসী হলেও আপনার স্বপ্ন বাস্তবায়নের জন্য আর্থিক নিশ্চয়তা দেয় লাইফ ইন্সুরেন্স|

আপনার মর্টগেজ কখন সম্পূর্ণভাবে পরিশোধিত হবে?

এটা নিয়মিত মর্টগেজ পরিশোধের উপর নির্ভর করে। নিয়মিত কিস্তির সাথে অতিরিক্ত কিস্তি যোগ করলে নির্দিষ্ট সময়ের পূর্বে সম্পূর্ণ ঋণ পরিশোধ হবে। প্রয়োজনের অতিরিক্ত পরিশোধে অসুবিধা নেই। কিন্তু মর্টগেজের মূল পরিশোধকারীর আকস্মিক মৃত্যুর ঝুকিঁ এতে কভার করা হয় না। অতএব,সঠিক লাইফ ইনসুরেন্স সুরক্ষার অভাবে পরিবারের জীবন্ত সদস্যবৃন্দ একটি বিরাট আর্থিক অনটনের সম্মুখীন হওয়ার খুব বেশি সম্ভাবনায় থাকেন। অথচ এই অতিরিক্ত অর্থ যদি যদি একটি লাইফ ইন্সুরেন্স পলিসির কিস্তি হিসাবে যায়, তাহলে পরিবারটি সুরক্ষিত থাকে। এবং মর্টগেজ পরিশোধকারী যদি জীবিত থাকেন, এবং তার কেনা পলিসিটি যদি হোল লাইফ পলিসি হয়,তাহলে তিনি পলিসির নগদ আর্থিক মান ব্যবহার করে দ্রুত ঋণ পরিশোধ করতে পারেন| (অবশ্য,পলিসি থেকে ঋণ নিলে,তার সুদ আছে;পলিসি থেকে নেয়া অপরিশোধিত ঋণ এবং এর উপর সুদ পলিসির নগদ আর্থিক মান ও মৃত্যুজনিত সুযোগ সুবিধা হ্রাস করে দেয়)। তাই আপনার মর্টগেজ সুরক্ষার জন্য আপনাকে লাইফ ইন্সুরেন্স ক্রয় কথার কথা বিবেচনা করতে হবে,এবং নির্ভরযোগ্য কোনো কোম্পানির সাথে লগ্নি করা হবে বুদ্ধিমানের কাজ| লক্ষ্য করুন যে,হোম ওনারস ইন্সুরেন্স কিন্তু লাইফ ইন্সুরেন্স নয়|

মৃত্যু হলে লাইফ ইন্সুরেন্স-এর সুযোগ সুবিধাগুলো পাওনাদারদের হাত থেকে সুরক্ষা দেয়

এবং বীমাকৃত ব্যক্তির মৃত্যুতে মর্টগেজ পরিশোধ করতে সহায়তা দিতে পারে| মনের প্রশান্তি নিশ্চিত করার জন্য আপনি একজন ইন্সুরেন্স পেশাদারের সাথে আপনার চাহিদা নিয়ে আলোচনা করতে পারেন। আপনি আপনার বর্তমান পলিসিটি পর্যালোচনা করে দেখতে পারেন যে এটি আপনার আর্থিক লক্ষ্য মেটায় কিনা এবং মর্টগেজ সুরক্ষার বিষয়ে আরো জানার জন্য 347-280-8826 নম্বরে যোগাযোগ করতে পারেন।
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