Category Archives: Life

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

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

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.

A chronic illness that requires long-term care

A chronic illness that requires long-term care is perhaps the biggest event many retirees worry about facing—and paying for. For many people, this concern is a key motivator in building as large a retirement nest egg as possible, given that a year’s stay in a private nursing home room currently costs around $91,000, on average. Other people, however, choose to purchase long-term care insurance to hedge against the possibility that an extended illness could wipe out their retirement nest egg. Unfortunately, some people underestimate the costs involved and mistakenly believe that Medicare and Medicaid will pay for such expenses.

Quoted from text book ” Senior needs planning”.