Key Man Life Insurance Policy
Secure you life with best policy of Life Insurance UAE
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We normally plan Life Insurance in UAE, Dubai and Abu Dhabi with various types of financial planning for the security of our life and our family and among them doing proper planning for our families life in our absence is the most important. Life is very uncertain and we never know when our life will change its’ track. If any mishap occurs to us, this planning for the life will save us and our family. During any adverse situation in our life, if we go with proper life insurance plan, we will get financial support after a certain time period or after the demise of the person for whom insurance taken.
Know more about life insurance
Life insurance policy is a contract between the assurer and the policy holder. According to this contact the assurer or insurer agrees to pay a benefit to the policy holder after a certain time period in exchange of premiums. We can notice the use of the concept of life insurance in the year 1706 and there was a contact between William Talbot and Sir Thomas Allen. Since then, lots of modification done to this policy to make it more convenient to the people in general. Basically, life insurance can be categorized into two major areas.
- Protection policies
- Investment policies
Benefits of life insurance
In recent days it’s mandatory for all in UAE to opt for Life Insurance UAE to make life secured and protected. Various insurance companies offer a wide range of policies keeping in mind the different needs of an individual. There are several features of life insurance which are beneficial to us.
- Covering risk: With this feature we can give our loved one a secured and happy life in case there is any occurrence of any mishap happens in our life.
- Proper planning for life: If there is any untimely death of any family member, especially the earning member, then this long term investment will be a great support to fulfill the basic needs of the family.
- Safeguards against any illness: Suffering from critical illness increased a lot and we can get huge support in paying the bills of hospitals and treatments with suitable life insurance cover.
- Savings for the life time: Life insurance is a long term investment and this is a safeguard to the policy holders and their families.
- Tax benefits: Every insurance policy is well facilitated with all tax benefits and hence whatever premium we pay we will get deductions on that as per income tax rule.
Do’s and don’ts with Life Insurance Dubai
A suitable life insurance policy can make our life safe and protected and here we should be aware of certain point before availing a policy for Life Insurance Dubai.
- Check out basic options: There are mainly three basic options which must be taken into consideration. The level term, life term and decreasing policy are the points to be noticed properly. According to your need you can opt the suitable option.
- Considering linking mortgage with insurance policy: you can consider the life insurance policy more specifically to link it with mortgage payment even after the death of earning member of the family.
- Reduce your debt: If you are under the coverage of death in service with the employer then this life insurance policy can reduce your projected coverage requirement.
- Waiver of premium: You can have waiver of premium if you go under suitable life insurance policy. This policy can support you in your future inability to pay any premium.
- Never hesitate to assess the right policy: You can make your life well secured only if you can choose the policy after proper assessment. After assessing the proper coverage you require you can opt for the best Life Insurance Abu Dhabi. Joint life policies are comparatively cheaper and if you have your partner then go for joint policy for better cover and lower premium. Look for such policy which will pay out for the regular needs of the family after your demise or inability to work.
- Not to smoke: Being a potential insurer as non smoker will make your insurance premium lower and hence it is suggested to stop smoking for at least 12 months so that you don’t get your insurance premium reduced for more coverage. If you are a smoker then for an insurance company you are a risky client and your premium will be doubled.
- Review policy annually: Annual policy renewal is a must to do job and should be kept in top priority in order to keep your insurer updated about the latest changes in your life for getting prompt service at the time of need.
So, be ready to get quotation by mentioning all your details and speak to the experts of a trusted broker firm to have the right policy. There are different types of insurance policies which will keep you and your family members safe and protected from any unforeseen situations.
Source: http://expatwealthcare.blogspot.in/2017/04/secure-you-life-with-best-policy-of.html
Critical Illness Cover with – Easy Life Insurance Plans in Dubai
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Protect yourself and your family in times of uncertainty. 36 critical illnesses covered. Our lives are fraught with difficulties and so to safeguard ourselves from accidents or mishaps we need to protect ourselves. So what would do we do? Life insurance policies in Dubai, Abu Dhabi and UAE can be the most effective way by which we can protect or at least insurance ourselves against these uncertainties. But there are certain things that you should keep in mind while investing in life insurance policies.
These Things to be kept in mind:
Businessmen should go for Key Man Life Insurance Policy. This type of insurance is taken to safeguard the business organization from financial losses in case of the death of one or more employees or owners. Any person can be a Key Man provided they should be either director of the company or key project managers or key sales people or people with specific skills occupied in a particular business. This it also helps the company in its tax planning and protects the immediate families of the businessman from getting affected by the vagaries of the company.
Shareholders should go for Shareholder Protection Plan Saudi Arabia. This not only helps the shareholder but also the deceased shareholder’s family as they can realize the value of the business interest. The shareholders thus can reduce the risk involved in their business. Stefan Terry provides financial assistance to various corporate companies.
Life Insurance should be a must:
Every person needs life insurance cover to his or her personal debts, medical plan and funeral bills. Therefore insuring yourself and your business should be one of your main concerns until you have enough assets to cover the expenses after you are gone. Moreover, even if you are single, you still need to insure yourself.
Thus it is clear from the above discussion that insuring oneself and ones business has various advantages. Although insuring may initially involve some costs but it will definitely benefit one in the long run. So, leave all the stress aside and let your insurance policy deal with them, while you rest at peace and enjoy a carefree life. One cannot predict future disasters or mishaps that may happen in your life but through insurance, you can protect yourselves from them and live a happy life!
Source: http://expatwealthcare.blogspot.in/2017/04/critical-illness-cover-with-easy-life.html
Key Man Life Insurance Policy – A brief for your knowledge
Life insurance is the insurance given to life and available in different format by different insurance companies. There are some of the policies, where insurer is one person and the insurance coverage is for another person. One such insurance policy is in the form of Key Man Life Insurance Policy. There the insurer is the managing director of a company or an employer in one word. The insurance will be on a key person and that is known to be the key man. You do not have the idea about the full policy. If you have also that idea, then also the advantages or the disadvantages of the policy is not known to you. Here are the details related to the advantage and disadvantage of this particular policy.
Advantages in a nut shell for the company for availing Key Man Policy cover
- If the key person dies, the company is going to get the money back and that will help you to bear the loss, that you are incurring.
- The investment of the company in this particular insurance policy will be getting a deduction in income tax, under the section 37(1). This is going to add value to the company in either way. In other way, you must make it a point that the return from the insurance too is left out from the income tax.
- In the income tax reduction, there is no need for additional acclamation from the Income Tax authority. This is going to make sure that you will have to consider less hazard while paying the premium payment. The premium value is auto intimated to the income tax department and hence the update is automatically made.
- The use of this policy can be made at the time of retirement through a benefit of superannuation or even through the ex-gratia payments. The amount that is received, if the employee dies is free of tax, but the amount that is received after the maturity is taxable.
- Loans can be raised on the amount that has been paid to the company as premium and you can pay the loan with an interest rate of 12%.
- Two things are to be confirmed here. The first one is the turnover of the employee has to be restricted, since the insurance company is paying that much amount for the employee’s death. The second thing is that you will have to ensure the loyalty for the employee too.
- For high income executives, you can include the amount of maturity value in the hike of their salary and thus you can save the tax amount that you will be paying to the income tax department.
- Tax planning, according to Key Man Life Insurance Policy is also assisted with this insurance policy. This is the additional support that the policy is going to give you.
- The directors and their families can be safe guard with the help of this insurance policy. This is going to give the perfect support in all possible ways. The different conditions a company faces can be avoided by this policy in the best possible style.
- Financial loss and the chances of that is least in this case.
- The loan that can be availed from the insurances can be used in the different business related expenses of the company.
- The premium that has been paid by the company will not be regarded as a perquisite by any chance. To avail the support, the competent authority must be interpreting in the entire function.
- If you are looking for the different scopes to retain the employee in the company, you can use this policy for the same purpose.
Disadvantages for the company
- The policy amount or the maturity value is not to be considered as an exempt for the general 10 (10D) tax exemption. The premiums are not under the provision of the Income tax exempts. However, when the policy is to be handed over to the employee and if he pays the amount, the amount will be regarded as tax exemption.
- If the policy is surrendered and endorsed to the employee, the amount is taxable under the section 17 of the IT act. The amount will be regarded as the profit in lieu with the salary.
With all the above detail related to Key Man Life Insurance Policy, you can easily understand, how you are going to handle the policy. This is the best support that you can avail, since all the details regarding the advantages and disadvantages are regarded here. To get more information about this insurance you can contact the leading broker firms of the industry dealing in different format of insurance for life.
Key Man Life Insurance Policy is there to protect your business
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When you venture into business, there are several numbers of risks to which you are prone. These include the volatile condition of the market, the lack of trust of the business partners and other factors. Key Man Life Insurance Policy is the ideal business insurance policy for you, and you will be able to get the right support from the company when you plan to invest in a business insurance scheme. After all, a lot of planning is need before you invest, and you will get the right schemes when you seek the assistance of the professional advisors.
Here are the reasons that justify why you need the business insurance schemes. Key Man Life Insurance Policy protects you from the following conditions:
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Death of a business partner: During a business, you need to take the necessary precautions against a number of odds. The life of the business partner also has an effect on your business. In case the partner dies, the business is likely to land up in a critical turmoil. So, you will be able to have a support from the insurance policy when this kind of a situation arises. The right business insurance policy ensures that you will be protected against such threats in business.
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Instability in the market: The market conditions are prone to frequent changes. It is often found that the changes in the market conditions result in the instability of the business. In such business cycles, you are unable to reap many benefits. So, you will have to bank on the expert services so that you can keep the business afloat. With the right support from the insurance schemes, you will be able to have a stable business in spite of the volatile conditions in the market. They provide you with the much needed financial backup and you will be able to continue with your business without much of a hassle.
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Handling of the business after the death of a partner: You need to assess whether the business can be continued after the death of a partner by any of the family members of the person. If they are to do so, you can continue the business. If not, there is a transaction for the purchase of the share. So, you will need the assistance of the insurance when such an occasion arises. The professionals will guide you in the right manner when you seek such a scheme. In these occasions, you are in need of finance, and when you avail the trusted services from the seasoned professionals, you will get the best financial advice. With so many schemes around you, you will need the assistance of the company to choose the personalised one from the lot.
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Replacement of staff: There are times when the staffs in your company need to be replaced. In these conditions, the swiftness of the replacement has to be focussed on. These incur heavy investments and you are free to avail the services of the professionals to choose the scheme. Key Man Life Insurance Policy secures you from the financial expensed that come without a warning. So, you will be able to continue with your business in spite of the instability that is caused due to various factors. The expert advice of the professionals will guide you in the right track. The expert financial advice is needed to make a proper business plan that comes beneficial when you suffer a loss in the business. With the right company around, you will face the least problem when you avail the expert services and this will ensure that you can carry on with the business in a hassle-free manner.
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Disability of a person: It might occur that an employee in the business firm becomes disabled during the process. So, when you seek the assistance of the professionals, you will be able to cope up with the situation with the financial support that you need. When you seek the Key Man Life Insurance Policy, you will be protected against all such problems and get the financial support that you need.
So, when you are looking out for the right schemes, you can simply bank on the professional approach the experts and get the advice.
In case you are looking for more ideas about the benefits which you can enjoy from availing a Key Man Life Insurance all you can do is speak to the experts of the insurance companies or of the broker firms. The broker firms will give a brief of the policy and will also suggest you the policy which will best suit your requirement and will offer you the required cover which you want for the business.
Buy Key Man Life Insurance Policy for a safer future
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Life is unpredictable, and people need to buy insurance policies in case they want to stay relieved about the future of their family members and children. When you buy the best Life Insurance Policy, you will be immensely benefitted. There will be no issues with the financial areas after the death of a person, and the trusted company will really deliver the benefits to the family. In a similar fashion business is also the child for a business man and to give protection to it and the employees associated with the company it is mandatory for the business owner to opt for Key Man Life Insurance Policy.
Key Man Insurance for the security of business and business continuity
There are cases when the business suffers a lot when the owner or a partner in the business passes away. It not only becomes difficult to carry on with the business, but people also find it difficult to get funds. In these cases, the best solution is to avail the life and/or disability Key Man Life Insurance Policy and when the key person in a business passes away, there will be no problems financially. At the end of the day, money matters a lot and when you are in touch with the right insurance company, you will be able to pave a certain fortune for the survivors.
Advantages:
There are many insurance broker companies in the industry which are operating for a long time and throughout the years; they have catered the needs of the people. With some of the best policies on the offering, they provide the ideal support to the people. Apart from this, insurance is a matter of trust and when people bank on reputed company, they get the full support.
These companies also facilitate people with other advantages like UK Pension Transfer and there are very helpful schemes to support the family financially. The professional approach of the broker firms helps in getting the best support for the business houses and also for individuals.
Generally, people need to pay the income tax throughout the life, but when it comes to life insurance money, no tax is levied on the amount. This allows people to get the full amount of money after the death of a person. So, when a person dies, his or her family members get the entire amount of money that had been deposited as insurance.
There are other benefits that the reputed broker firms bring you. It can cater your needs with a vast and varied arena of choices and you will be able to pick the right policy from the lot when you choose it. There are different classes of people availing these services and they have their own capacities and choices to invest. Broker firms allow every individual to choose their own policies from a vast range of choices. When you plan to choose a policy, you will really have the opportunity to personalise the plan. Thus, you can decide how much to invest and there will be a lot of flexibility in the plans.
Along with these, the policy loans are free from income tax and you will really enjoy the schemes when you avail them. You can have a bright future for your children, business and in the process; you will be free from worries. All in all, you will get the ideal benefits from the company and will be able to live up to the expectations when you avail these.
The Key Man Life Insurance Policy: What and Why?
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Do you own a business? Are there some important people associated in your business other than you? Now, are these people responsible for the proper functioning of your business, so much so that without them your business might not generate desired profits? Then what happens if one of them suddenly is unable to work, unable to execute their responsibilities, for some reason or the other? Some of the extreme reasons can be their death or some severe illness that requires them to be hospitalized for a long period of time. What do you do then? To ensure that such situations do not affect the well-being of your business, the best option is to invest in a Key Man Life Insurance Policy.
What is a Key Man Life Insurance Policy?
A Key Man Life Insurance Policy is like any standard insurance policy, except in this case the policy is carried out by a particular business/company. The company takes a Key Man Life Insurance to compensate for any financial losses that can be suffered by the company in case a very important member of the company is unable to continue working, in cases such as death or severe illness, for a long period of time.
A key man of company can be any person whose specific skill set or knowledge is indispensable to the company and who is responsible for the major profits of the company. This person can be the director, a key sales manager, a key partner, a key project manager etc. The main reason such a policy is taken by the employer is to compensate for the losses that the company might suffer or compensate for the additional expenditure to hire and train a replacement (in case of death of the employee).
So, a Key Man Life Insurance Policy not only covers for death but also provides critical illness cover in UAE. So your business doesn’t need to suffer losses in case someone important falls critically ill and is unable to work for a long duration. The investment vehicle plan in UAE is simply not enough for the business to cope up with the loss of one its important employees.
Why should you opt for this?
The first and foremost reason you should opt for this insurance policy is that your company’s well-being is in your hands. You should make wise decisions for the welfare of your business so that it can stay immune during unforeseen circumstances like the death of an important business associate or employee. It is impossible to know from beforehand what might happen in the future. Therefore, it is always advisable to plan ahead and be prepared for any difficulties that might threaten the welfare of your business in the future.
Added Benefits
Income tax recognizes the Key Man Life Insurance Policies as an important source of deduction of capital. Therefore, the premium paid for the Key Man Insurances for an employee can be claimed by the company as a business expense.
Source:http://www.prlog.org/12475822-the-key-man-life-insurance-policy-what-and-why.html
The Key Man Life Insurance Policy: What and Why?
Do you own a business? Are there some important people associated in your business other than you? Now, are these people responsible for the proper functioning of your business, so much so that without them your business might not generate desired profits? Then what happens if one of them suddenly is unable to work, unable to execute their responsibilities, for some reason or the other? Some of the extreme reasons can be their death or some severe illness that requires them to be hospitalized for a long period of time. What do you do then? To ensure that such situations do not affect the well-being of your business, the best option is to invest in a Key Man Life Insurance Policy.
What is a Key Man Life Insurance Policy?
A Key Man Life Insurance Policy is like any standard insurance policy, except in this case the policy is carried out by a particular business/company. The company takes a Key Man Life Insurance to compensate for any financial losses that can be suffered by the company in case a very important member of the company is unable to continue working, in cases such as death or severe illness, for a long period of time.
A key man of company can be any person whose specific skill set or knowledge is indispensable to the company and who is responsible for the major profits of the company. This person can be the director, a key sales manager, a key partner, a key project manager etc. The main reason such a policy is taken by the employer is to compensate for the losses that the company might suffer or compensate for the additional expenditure to hire and train a replacement (in case of death of the employee).
So, a Key Man Life Insurance Policy not only covers for death but also provides critical illness cover in UAE. So your business doesn’t need to suffer losses in case someone important falls critically ill and is unable to work for a long duration. The investment vehicle plan in UAE is simply not enough for the business to cope up with the loss of one its important employees.
Why should you opt for this?
The first and foremost reason you should opt for this insurance policy is that your company’s well-being is in your hands. You should make wise decisions for the welfare of your business so that it can stay immune during unforeseen circumstances like the death of an important business associate or employee. It is impossible to know from beforehand what might happen in the future. Therefore, it is always advisable to plan ahead and be prepared for any difficulties that might threaten the welfare of your business in the future.
Added Benefits
Income tax recognizes the Key Man Life Insurance Policies as an important source of deduction of capital. Therefore, the premium paid for the Key Man Insurances for an employee can be claimed by the company as a business expense.
Source: http://www.prlog.org/12475822-the-key-man-life-insurance-policy-what-and-why.html
Looking for a Cost Effective Life Insurance in the Market?
Our lives are fraught with difficulties and so to safeguard ourselves from accidents or mishaps we need to protect ourselves. So what would do we do? Life insurance policies can be the most effective way by which we can protect or at least insurance ourselves against these uncertainties. But there are certain things that you should keep in mind while investing in life insurance policies.
Things to be kept in mind:
Businessmen should go for Key Man Life Insurance Policy. This type of insurance is taken to safeguard the business organization from financial losses in case of the death of one or more employees or owners. Any person can be a Key Man provided they should be either director of the company or key project managers or key sales people or people with specific skills occupied in a particular business. This it also helps the company in its tax planning and protects the immediate families of the businessman from getting affected by the vagaries of the company.
Shareholders should go for Shareholder Protection Plan Saudi Arabia. This not only helps the shareholder but also the deceased shareholder’s family as they can realize the value of the business interest. The shareholders thus can reduce the risk involved in their business. Stefan Terry provides financial assistance to various corporate companies.
Insurance should be a must:
Every person needs insurance cover to his or her personal debts, medical and funeral bills. Therefore insuring yourself and your business should be one of your main concerns until you have enough assets to cover the expenses after you are gone. Moreover, even if you are single, you still need to insure yourself.
Thus it is clear from the above discussion that insuring oneself and ones business has various advantages. Although insuring may initially involve some costs but it will definitely benefit one in the long run. So, leave all the stress aside and let your insurance policy deal with them, while you rest at peace and enjoy a carefree life. One cannot predict future disasters or mishaps that may happen in your life but through insurance, you can protect yourselves from them and live a happy life!
Source: http://expatwealthcare.blogspot.in/2015/06/looking-for-cost-effective-life.html
Expat Wealth Care 