Life Insurance Insights for Business Professionals
Posted by Preferred Insurance on
Most Americans know they need to include life insurance in their financial plans, but many have questions about the kind and amount of insurance needed.
Since September is Life Insurance Awareness Month, we thought it would be helpful to share the three main kinds of life insurance every business professional needs.
If others depend on you for financial support, part of your financial plan should include how you will provide for them in the event of your death. To find the right amount of coverage, it is important to weigh your dependents’ current lifestyle and spending needs against their future sources of income and assets. We can help you figure out how much your family will need to replace this lost income over this length of time should something happen to you.
Key Person Life Insurance
Your business is probably like most: one or two of your employees are vital to the survival of the organization. Consider purchasing key person life insurance to reduce the backlash in the event that one of these key employees leaves prematurely.
A buy-sell agreement is a contract among business owners which, upon the death of one of the owners, requires the remaining owners or the company itself to purchase the deceased’s interest in the company according to the agreed upon terms of the contract.
Planning for your company’s and your family’s future includes thinking about these coverages. We would love the opportunity to guide you through the options to find the right fit for you, your family, and your business. Please contact us TODAY to schedule a discussion.