Life Insurance Tips for Small Business Owners

Life insurance is one of the most important considerations when it comes to planning for your family’s financial future, according to experts.

But for those who are self-employed, there is an even greater urgency.

The following information and tips will assist you in finding the best rates:

Loss of Income: Life insurance provides your family with protection from the loss of income that could result should you pass away. Your family will suffer a loss of income, but potential assets of the business could also be impaired or held in probate. Life insurance helps bridge the gap while providing important protection against the loss of a lifetime of income.

Personal and Professional Security: Not only does your family depend upon you, but so does your small business.

Clients, lenders and employees often feel more secure when adequate life insurance is in place on key employees. This is especially important for those who hope to seek angel or other start-up funding as well as those who have personal assets at risk.

If you’re a small-business owner and you’re not sure about what’s right for you, speak to your insurance agent to learn more about the different types of policies.

Some of the more common forms of life insurance for small businesses include term life, whole life, variable life, universal life, variable universal life and business owner policy.