If you are a business owner or self-employed professional, your business is likely to represent a good portion of your personal net worth. Without you at the helm, however, changes ae that your business would be worth far less. If the worst should occur, your loved ones may not be able to benefit from the value you worked so hard to build.
The value of Life Insurance
To protect your family and your business, you may want to consider life insurance. The tax-free benefits can:
Replace your income so that your family can maintain their accustomed lifestyle.
Hire a temporary replacement to keep the business running until a permanent successor can be found.
Pay off personal and business debts. Including those that are likely to arise at death.
Fund a buy-sell agreement with your business partner or co-owner so that he or she can purchase the business from your family.
A custom-tailored approach
There are many different types of insurance (term 10, 20, 30, permanent life) and a number of ways to set up the policy.
Every situation is unique, which is why it’s a good idea to get professional advice. We’d be happy to take a look at your insurance needs and help you structure coverage to protect both your love ones and your business.
Contact me, Stephen J. Hall at: 514.747.6565 or via the contact page on this website for a consultation.
Ariad Communications. (2015). Insure your business’s most valuable asset. Planning Ahead – The Newsletter of Money Management and Financial Planning Ideas, Vol. 29(No.1).