Solve for the following problem:
Abdul Haqq tells you that he owns permanent life coverage of a value of RM 200,000, and he has Group takaful coverage through his work that has a sum assured of RM 75,000 and a participant’s account with RM 5,000. In the event of his disability, his takaful immediately pays out the full amount.
Maznita Omar has no permanent life insurance or takaful, but has family takaful that has a sum assured of RM 90,000 that she plans on participating in until she retires. Another RM 30,000 is from her own participant’s account. It is due to expire in about five years. While active, this policy also pays out its full lump sum on her complete disability. You estimate her participant’s account will grow at 7.0% annually based on her contributions and dividend on investments.
Check the accuracy of your client against the answer key.