"KEYMAN INSURANCE" IN MALAYSIA

Proposal of Keyman Insurance

What is "Keyman insurance"?

Can be defined as an insurance policy where the proposer as well as the premium payer is the employer, the life to be insured is that of the same employer's key employee (Keyman) and the benefit, in case of a claim, goes to the employer.

What is Purpose of Key man Insurance?

Life insurance on a key employee, partner or proprietor on whom the continued successful operation of a business depends. ... The purpose of key person insurance is to help the company survive the blow of losing the person who makes the business work.

Who is the beneficiary of a key man policy?

Key man insurance is taken out by a business as the owner of the policy that covers a person or persons, the insured, within the business. The business pays the premiums to the insurance carrier, and if the key employee dies, the proceeds are paid out to the life insurance beneficiary, which is the business.

How much do I need?

Without this person, the business would come to a stop. How much insurance is needed depends on the business, but in general, a business should buy whatever they can afford. Companies should ask for quotes on RM500,000, RM1,000,000 and RM2,000,000 policies, and compare the costs of each.

Key Man Insurance can be tax deducted?

Key man insurance is taken out by a company on an individual within the company. The company, therefore, owns the policy and will be the beneficiary of and claim. The premiums are paid by the company and are tax deductible as long as the reasons for cover fit certain criteria which in most circumstances it will.

WHAT IS THOSE KEY MAN RISK?

Definition: Key employee or keyman is a term used specifically for an important employee or executive who is core to the operation of the business and his death, disability or absence could prove to be disastrous for the company or organization.

WHAT OTHERS BENEFIT YOU CAN GET?

1. Up to coverage RM 2Million with no Medical Checkup

2. Up to coverage RM 5Million with no Medical Checkup (promo campaign)

3. Normal death/tpd 100%

4. Death due to accident 200%

5. Death due to accident (Public Transport) 300%

6. Death due to accident (Outbound Malaysia not included Singapore and Brunei)

FULL INFO:
www.wasap.my/+60103663564
www.wasap.my/+60103663564
www.wasap.my/+60103663564