Term vs. Whole Life insurance: Benefits and Drawbacks
For anyone with obligations, life insurance is essential. Often, the challenge is figuring out how much insurance to buy and which type of policy is best for their circumstances. There are two general forms of life insurance: whole (permanent) and term life. Here is a quick overview of each: Whole Life Insurance: Whole (also known…
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Life Insurance to Consider as a Business Owner
Most insurance agents will tell you that if you have personal obligations, you should have life insurance to cover them. For example, an individual should carry at least enough life insurance to pay off all debts and provide income replacement until the last child enters college. Business owners most often have similar personal needs, but…
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The Importance of Life Insurance for Small Businesses
There is a widespread belief that life insurance is a product only for individuals. While it is definitely important for anyone that has dependents and obligations, life insurance is also essential to ensure the long-term viability of a small business. Within any small business, there is a key individual (or group of individuals) that are…
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Do Not Do Business without Life Insurance
Here is a hypothetical situation; you and your business partner co-own a small, successful business manufacturing retail goods. You employ 40 people and have grown slowly but steadily for the last 20 years. You have established vendors, distribution channels, and retail storefronts that sell your product. You and your partner agree on most aspects of…
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