You probably have a life insurance policy in place to protect your family in the event of your death. But, if you own a business, do you have the coverage you need as a business owner?
The knowledgeable experts at Alliance Insurance Services want to make sure you as a business owner, in or near Arvada, CO, are covered.
As a business owner when you die, you need to at the very least have in place a life insurance policy that will cover your income loss.
Following are 5 reasons why business owners need life insurance and aspects you may or may not have considered.
- Collateral coverage to cover any personal assets you may have used as collateral for business loans.
- Access to Cash Value life insurance works much like a Whole or Universal Life policy. As time goes on, your policy compounds interest earned and can be credited to a cash account.
- Protection for Key Executives means that other higher-ups in the company will not have to purchase their own individual policies to cover their loss of income when they die.
- Offer executive bonus plans that cover the cost of your workers’ policy and any tax liability as well.
- Succession Planning lists out how the business will continue after the owner’s death.
Purchase a life insurance plan that will not only cover any outstanding mortgage balance or cost of funeral and burial but will also cover monthly living expenses for your surviving family. Additionally, make sure your policy provides money for your heirs to pay estate taxes.
Contact Alliance Insurance Services servicing Arvada, CO to make sure you have the life insurance policy options you need as a business owner.