Life Insurance For Small Business

Buying life insurance for small business is a must in today's world.

You have worked hard and saved every dollar you could put your hands on in order to accumulate sufficient capital to get your own business started.

Your wife and family probably sacrificed a lot so that you would fulfill your dream of owning your business.

You have made it...your income from the business affords you a lifestyle that is even beyond your fondest dreams. Your business is growing at a comfortable pace.

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What would happen to your family if you died? Would they be provided for? Life Insurance is the solution and we can help. Compare Multiple Quotes from Highly Ranked Carriers and Save up to 70%! Getting your quote is easy and FREE. Click Here To Get Started

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Buying Life Insurance For Small Business Needs

It is imperative that you think about buying life insurance for small business; your small business. Here are some of the reasons why you would.

• Sole Proprietor
  
  You are a sole proprietor, you therefore are the business. Nothing happens without your management, supervision and decision making. Everything depends on you. What would happen if you should suddenly die? Because you are the business, your business would have to be liquidated upon your death.
  
  There is no more income for your family. Answer this question...would this affect the lifestyle of your family? Sufficient life insurance would certainly protect your family in this eventuality. An income, equivalent to what they have become accustomed could be set up for your family.
  
  As a sole proprietor...when buying life insurance for small business you are actually buying life insurance to replace the income provided you by this business. Your family can continue enjoying the lifestyle to which they have become accustomed.
• Partnership Or Corporation
  
  Two or more people get together to start a business. Whether the business is a partnership, a C-corporation, an S-Corporation or a Limited Liability Company, you will need life insurance.
  
  Each partner or stockholder owns a portion of the business. If one partner or stockholder should die he would naturally want his share of stock to go to his family.
  
  The corporation or partnership would buy the deceased partners shares from his heirs...thereby paying full value for the shares. This is possible because a buy-sell agreement was carefully prepared before the death of the partner or stockholder.
  
  This agreement is usually funded by life insurance ...because it is the cheapest way to go. Although you may use either term insurance or permanent insurance it is usually more cost effective to use term life insurance.
  
  This would ease the burden of having to take capital from the business to fund the agreement. This is a great example which proves that buying life insurance for small business is a wise thing to do.
• Key Employees
  
  Many businesses seem to always have that one employee who stands out. S/he knows the business inside out and s/he puts in more time and effort than any other employee. S/he really enjoys her job. This employee seems to put a lot of profit into the business owners pockets.
  
  When considering buying life insurance for small business, it would be wise to think about putting a policy on this persons life. Why? These hard working smart people are not easily replaced...if they should suddenly die or become disabled. The funds would help the business adjust while the principals search for a replacement.
  
  You can use term insurance for this situation as well. Some companies use whole life and give the employee the cash value at retirement to top up his or her pension. You could also give this employee an annuity as an incentive to keep this employee working for you.
• Group Life Insurance
  
  Group life insurance can be a tremendous incentive for employees of small businesses to remain with the company. When looking at buying life insurance for small business this should not be ignored. This would be considered a perquisite to the employees and would certainly help a small business to keep their employees.

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