You might think life insurance is just to protect your family, but life insurance can play a big role on the business side, too. In fact, life insurance for small business owners is an essential part of planning for the future of your company. If you own a business, it’s important for you to have life insurance for your family and life insurance for your business.
When you own a business, your family isn’t the only group of people depending on you. Your business partners and employees also depend on you for their livelihoods, and life insurance can be an important part of ensuring that if you die, their jobs don’t die with you.
Many business owners take out loans to grow their businesses, and sometimes they have to use their personal assets, like a home, as collateral. If you’ve funded your business with loans and used personal or family assets as collateral, those loans could become due when you die, putting your family’s home on the line.
When business owners are calculating their life insurance needs, they need to think of all of their debts and costs, including any business-related debt that would also affect their family if they were to die.
All of this can seem overwhelming but it doesn’t have to be! We are here to help guide you through this process. Whether it is getting your first policy in place, reviewing a current policy, or adding supplemental coverage we are here to help!