Business Life Insurance Review

Business life insurance is coverage for key personnel in your business. Business life insurance is different from other types of life insurance for one major reason; you may not be purchasing it for yourself.

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You may end up purchasing it for your CFO, HR Director and so on. This is coverage to help you with the loss (meaning death) of crucial employees to your business.

Business life insurance isn’t a new concept; it has been around for years. The thing is, many companies don’t purchase business life insurance because they don’t think it’s necessary. While not every business does need this type of coverage, many do, especially small businesses, and you aren’t doing yourself any favors by ignoring the possibilities and benefits that business life insurance offers.

Business Life Insurance Review and the Purpose of This Coverage

As mentioned above, the purpose is to provide you with money if a key staff member should die. In most cases, that key staff member will be you and the money that you leave could ensure that your business stays open.

If you aren’t sure if you need business life insurance for yourself, then answer these questions:

• Can your business survive successfully without you?
• Will your beneficiaries struggle financially if you don’t leave them money?
• Will you leave your beneficiaries in debt if your die today?
• Do you have a sufficient amount of employees that you need to consider their futures as well as the future of your beneficiaries?

Even if your family or loved ones have no intention of keeping your business open, it can be very tough financially to close a business. A business life insurance policy can ensure that there is no struggle to make good on contracts, square away your debts and for your family to move on.

The bottom line is that the larger your small business is, the more likely that you will need business life insurance. You don’t, however want to invest in this type of insurance if your business isn’t established unless you have family members who are already working with you.

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Business Life Insurance Review and Beneficiaries

You may be wondering why you just don’t purchase a regular life insurance policy and name your business as the beneficiary. The bottom line is that there are people who do this and with some success. You don’t have to purchase life insurance directly for your business, but in the end, it will make things a bit easier.

When you purchase a business life insurance policy, there is no disputing what you intended that money for. If, however, you leave your business as a beneficiary to a private life insurance policy, your family may end up fighting for it. While it is rare for an insurance company to have to pay anyone but the beneficiary of a policy, the tied up funds could mean the end of your business.

You also need to determine whether you want to name your business directly or name your partner, CEO, CFO, etc. as the beneficiary to your own business life insurance policy. In either case, you should be able to deduct the premiums from your taxes for additional savings.

There is really no better answer as to which is the better beneficiary, that is simply a decision that you are going to have to make for yourself and the future of your business.

Business Life Insurance Review: Purchasing a Policy

You can purchase business life insurance at many of the major life insurance companies. There are even some companies that specialize in selling business insurance, such as business liability and so on. You will probably want to check out both options before you buy.

You should check with the company that you currently have insurance with to see if you can get a discount by adding business life insurance. Don’t, however, sign anything until you do a comparison between several companies.

You can do that right now by using our free quote tool. Finding low cost insurance is always important but, with the economy the way it is, saving money is even more important.

There are many reputable companies out there that are willing to outbid others for your business. Do yourself a favor and make sure that you give those companies a chance to woo you, so to speak!

You can get your business life insurance quotes by entering in your zip code right now!

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