Life Insurance For Business Owners
Running your own business is a privilege and even a liberating experience, but it also comes with a lot of responsibility. The price of being your own boss comes with uncertainty—concerns about cash flow, business development, continuation plans, and unforeseen events such as a death of a business partner. Many business owners worry about available cash flow because often their assets are re-invested in the business. That is why having life insurance protection is critical for business owners… providing a cushion and comfort so that the business can go on without them. Life insurance will assure your heirs, as well as your employees, will not be left unprotected.
Why is Life Insurance so Important for Business Owners?
Protecting the Future of Our Loved Ones:
Both your surviving family members and your extended work family will likely not be able to maintain their livelihood without the business assets to which they have become accustomed. Life insurance can fill the gap to cover important financial needs such as income replacement, mortgage protection and future education expenses.
Business is Safe in Case of Uncertainties:
One of the most important considerations is a business continuation plan. The implications of a death of a partner, proprietor or a key-employee can be high but thanks to key-man life insurance policy, this is possible.
Buy/Sell Agreement and Life Insurance:
This is a contract among business owners to buy the deceased partner’s share of business at an agreed price in the event of death, disability or retirement. Such agreements are typically funded by life insurance policies purchased on the lives of the each of the business owners. For more information on buy/sell contracts talk to one of our experts at 1-800-521-7873 or send us an email at [email protected]
A good employee benefits program attracts new employees and helps to retain the current ones. Employee benefits are one of the appealing factors for new job seekers. Benefits like group insurance, disability and retirement plans are important but they are expensive for employers. That’s why many employers share the cost with their employees. However, there are many different options as well which a professional insurance agent can guide you through.
At LifeQuote we make this process easier for business owners. We will help you find the most affordable insurance and guide you through various plan options and help you prepare for the future. You have worked hard to build your business. Don’t lose your hard-earned dream because of lack of preparation. Speak to one of our experts today.