Protect your company and your family with the right life insurance coverage.
While you own a business, “business owner” isn’t the only title that describes you. You may also a business partner, parent, spouse, and so on. You fill many different roles and, naturally, many different people rely on you. This is why it’s so important to have the right life insurance options to care for the different people in your life. Luckily, there are different coverage options to provide for everyone in your life. Here are some of the life insurance options that small business owners need to consider.
Buy-Sell Agreement
If you own your business with a partner, securing a buy-sell agreement will help you protect your company in the event of your sudden death. In a buy-sell agreement, you have a life insurance policy on your partner, and they have one on you. Upon your death, your partner would receive your death benefit, and this payout would allow them to purchase your portion of the company. This ensures that your small business remains in good, trusted hands. Additionally, enabling your partner to take over will also ensure that the transitional period following your death proceeds smoothly. This means that your employees and customers would not be negatively affected by your absence, and business would continue as usual.
Personal Life Policy
To take care of your family, you should also secure a personal life insurance policy. Having this coverage would replace your lost income, pay off your personal debts, cover the cost of your funeral and burial, and offer your loved ones a sense of financial stability. Additionally, if you have incurred other debts in the course of running your business (such as commercial loans taken out in your family’s name), the benefit from your life insurance would ensure that your loved ones are not held responsible for these expenses.
These are some of the life insurance options that business owners need to consider securing. Do you have further questions regarding your life insurance options? If so, contact the experts at ISU-Wissink Insurance. Our dedicated team is ready to assist you with all your coverage needs today.