Keyman Insurance
Discover How You Can Gain Key Man Insurance Without Facing Huge Impact To The Business
Keyman insurance is NOT just a business insurance…!
Have you ever been think before what if the unthinkable were to happen to one of your key person, would you prepared?
The problem with current market is lack of the knowledge on how to leverage on ‘Key Man Insurance’ …
We all know when it comes to business it is far better to be proactive than reactive
A key man insurance is used to ensure continuity of cash flow for the business. In the event a key man, key person or important key revenue earner for the company is disabled or dies.
For Islamic company can opt for Keyman Takaful.
Who need Keyman Insurance?
Key employees like:
- CEO
- Directors
- Shareholders
- Business Owner
How it benefit the company?
- Ensures business continuity
- Protects capital
- Protects against losses
- Protects profit
- Protects liabilities
Product for Keyman Insurance
Accident policy, Term life, Whole life insurance policy, investment-linked life insurance policy.
The company will be paying the premiums for this risk, the key man risk insurance policy. And the beneficiary is the company.
The insurance proceeds can be used to pay off debts, distribute as income and to be used as how the company sees fit. Under Malaysian tax regulations, the proceeds cannot be paid to the key person or their family directly.
If the keyman insurance is whole life or investment-linked insurance policy, the premium paid cannot be deducted as an expense. This is because there is an element of investment and it is treated as an asset. The proceeds will not be taxable.
Coverage for Keyman insurance as in Life, Total Permanent Disabled, Critical Illness, Accident