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BY NOEL CODY
When you think about life insurance, your first thought is probably protecting your family. We’ve all heard how important it is—after all, life insurance can make sure your loved ones are cared for in the event you pass away. But what about your other baby—your business?
If you’re a small business owner or solopreneur, there are three more
reasons you might want to consider life insurance.
Expect the Unexpected
When you own your own business, you’re used to taking precautions for the unexpected. If you get sick, your business can decline rapidly if you don’t have sufficient funds to keep your operations going while you heal. Having some financial aid at the ready can make or break your success.
Preserve Your Legacy
You’ve put your everything (time, effort, passion, creativity) into your brand to make it successful—so be sure it lives on. With the right life insurance coverage, your business could continue after you’re gone, preserving your legacy the way you want it.
Use It As Leverage
Did you know that almost all types of life insurance policies can be used to help you secure a small business loan? It’s true! If you take out a loan to start your company, the lender may give you the option to put up a life insurance policy as collateral to ensure you can repay the loan in the event that you pass away.
Find the Right Insurance for You
There are many types of life insurance. Term life covers you for a set time, while whole life covers you for your entire life, plus it builds cash value based on a set schedule. There is also universal life which earns interest on the cash value of the policy while offering flexibility in monthly payments and variable universal life that lets you invest your cash value in the stock market. You can choose the one that’s right for you and your lifestyle.
To get a quick quote on a term life policy, visit Your Life Insurance 411
