Funny question about life insurance. Our firm REQUIRES life insurance for partners, and I’m fine with it. But a new Muslim partner has an issue and is uncomfortable based on his deeply held beliefs. The insurer says they require 100% partner participation for our deal, but I’m sure other firms have figured out exceptions for their religious Islamic partners. Anyone have experience with this before i just scream at them?

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Don’t believe the 100% participation requirement.

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Crazy requirement. Should change policy or insurer. FYI, I’m not Muslim and my old and new firms had no problem with me opting out of life insurance. I started to apply at new firm but insurance company spelled my name wrong so I quickly cancelled because I knew it would be worthless.

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Maybe look into whether there is an equivalent Sharia compliant product. There are heaps of Islamic finance products that are structured to work within religious restrictions. IIRC there may be a difference between different cover structures.

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Does it require you to name the firm as beneficiary?

No this is for the lawyers.

What’s the advantage to you allowing firm to take out life insurance with them as beneficiary?

Key man policy for rainmakers so the firm does not fall off a cliff if they die. More common at firms with 10-30 lawyers in my experience.

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