You Will Never Believe How Much Life Insurance Can Save Your Business
You might not have given this much thought, but life insurance is just as important for your business as it for you and your family.
Think about it.
Your family will have help from your life insurance if you were to pass away, but what will happen to your business? Who will cover the costs of the business loan you may have taken out to open your business?
Here’s how life insurance can help your business, including a real example from a business owner whose business was saved during a downturn as a result of having life insurance.
A Key Person Insurance Policy Can Help
Key Person Insurance is a policy that your company opens on the life or health of a key individual whose services are essential to the continuing success of a business and whose death or disability could cause the firm a substantial financial loss.
A company will pay the insurance premiums and will be the beneficiaries of the policy if anything were to happen to the key employee.
This policy would help cover several costs associated with the death of the employee such as finding a replacement, covering losses from the employee’s death and paying for any company debts if the business shut down.
Here’s an example of a business that was saved due to a life insurance policy.
Check out the video below: