Your Business: Planning for the Future
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Most business owners in Maryland are so preoccupied by what’s happening in the present – customers or clients to serve, bills to pay, employees to manage – that they scarcely have a free moment to think about the future. But the future comes much sooner than most of us expect, and it’s smart for business owners to ask some serious questions about it. What would happen to your business, and your family, in the event of your death? Do you have the right life insurance policy in place, one that recognizes the role your business plays in the financial health of your family? Here are a few future-related questions for business owners – ones that, fortunately, we can answer.
- How can I make sure my business will continue to flourish even when I’m gone? Purchase a key person life insurance policy. Such a policy recognizes that the success of your business is largely dependent on you; therefore, if you pass away, the policy will provide coverage that corresponds to the degree of importance and influence you had while running your business.
- Will my business provide for my family if anything happens to me? Choose a life insurance policy with a death benefit that will provide funds for your family so that they won’t just be dependent on whatever income your business may continue to provide after your death. A good death benefit will also function to provide funds to any children you have who may not be involved in your business. It will also pay for estate taxes, so those who are left in charge of your business won’t be forced to sell it.
- As a business owner, will it actually be possible for me to enjoy a comfortable retirement? Choose a cash value life insurance policy. This will provide you with retirement income that supplements any income you may have coming in from your business. It will prevent you from being wholly dependent on your business’s success during your retirement years.
- How can I pass my business over to another owner in the event of my death? A death benefit life insurance policy will provide your dependents with funds to purchase your business interest in the event of your death. This will enable them to take full ownership of the business.
Obviously, you need good business insurance as a business owner. But don’t forget about choosing life insurance that will best serve you as a business owner too. For more information about life insurance for business owners, call or contact Consolidated today.