Do you own a business?
Owning a business can be rewarding, and stressful, all at the same time. Trust me, I know. However, one of the biggest devastations that can occur is one that could easily be avoided.
If you own a business, what happens to your business if you die? Will your spouse be able to survive? Is your business able to be sold for the value you think it’s worth. Or, if you have a partner, what happens to their share of your company? Will your spouse or children, or will your partner’s spouse or children, want to start “helping” you run the company, or will they want a big chuck of change from you in order to be bought out?
If you or your partner dies, how will you or your partner buy your spouse or children out? How do you avoid having to work with your partner’s spouse or children? Key-man life insurance can protect you against these issues. If you already have this type of life insurance, then you should be reviewing it every year. Your company may be worth a lot more than when you originally purchased insurance and you may need to increase your coverage, or possibly it is worth less and you don’t need as much coverage and can reduce your premiums payments.
If you own a business, be smart. Protect your number one asset. Yourself.
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