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Life Insurance Can Be a Financial Lifeline for Small Business Owners [Video]

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Life Insurance Can Be a Financial Lifeline for Small Business Owners

As a small business owner or partner have you considered how life insurance can protect your small business. Here are three types of life insurance policies that can be a financial lifeline for your business.

A key person insurance is a life insurance policy that a company purchases on an owner’s life, a top executive, or another individual considered critical to the business. This type of life insurance is also known as “business life insurance.” When a key person dies, the insurance policy can help make up for lost sales or earnings and cover the cost of finding and training a replacement

A buy-sell agreement, also known as a buyout agreement, is a legally binding contract funded by a life insurance policy that can help minimize the disruption caused by the sudden death of a business owner or partner. This allows remaining business owners to buy the company interests of a deceased owner at a previously agreed-upon price, which helps guarantee that the surviving family members will be compensated for their share of the business.

An individual life insurance policy that you own individually can provide your family with the financial protection they need. Whole life insurance policies may be the best option for you. These policies combine the traditional death benefit with a “cash value” that continually grows. Any amount within a policy’s cash value can be withdrawn at any point in your life as a loan, though there may be a minimal percentage of interest charged and a lower amount earned on the loan amount until it’s repaid. Even if you never borrow any of the funds, the policy’s death benefit increases along with the cash value, so your dependents benefit nonetheless.

You are putting your business and family at risk by not having a life insurance policy. Make sure you have the right insurance policy to cover all the people who depend on you. Let us at Cosmo Insurance Agency help you find the perfect life insurance policy for you.
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