Insurance

Building your business requires investments of time, money, and resources. As a new, small business owner, not only are you concerned with the growth of your business but also the financial aspect. 

Here are a few questions to ask yourself:

• What happens to my business during a down time?

• Will I need to borrow money for emergencies?

• If I were to pass away, how will my family survive financially?

• What about the debt accrued through my business?

Depending on your answers, needs and goals, you may benefit from more traditional life insurance for small business owners, such as term, whole or universal life insurance.

Term life insurance

Term life insurance provides protection for a set number of years, typically between 10 and 30. This type of insurance can be beneficial during the years you are building your business. Term life insurance can help pay off business loans or provide income for your family or business partner in case you pass away. Rates are usually more reasonable compared to whole life and universal.

Whole life insurance

Whole life insurance is a type of permanent life insurance with set premium payments and a guaranteed death benefit. This insurance can accumulate cash value over time at a fixed interest rate. You may consider whole life insurance if you want an additional savings option that offers permanent coverage with the option to borrow against your policy’s cash value for business expenses.

Universal life insurance

Universal life insurance is a type of permanent life insurance that provides greater premium and death benefit flexibility. This insurance provides permanent coverage, but with more versatility and the ability to accumulate cash value above the set interest rate depending on market performance. You may consider universal life insurance if you predict your business’s financial situation may change frequently and you need an option with flexibility.

As an entrepreneur, we show you how to invest in yourself and your business. Leaving a legacy begins with you.

Schedule a FREE Discovery call today and let's go over your options.

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