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Entrepreneurs like you totally need life assurance to ensure their business is secure for the future. Yeah, it’s not only ’cause we have to protect the family members or the business partners – it’s mostly ’bout making sure our hard work and effort ain’t for naught if something something goes wrong. Okay, let’s get into the five main reasons why small biz life assurance is extremely important, and how it can ensure the security of your business.
1. Number one – keeping the family wallet full.
2. Number two – keeping the business going strong, no matter what.
3. Number three – making the move easy peasy.
4. Number four – keeping the stars of the biz safe and sound.
5. Number five – keeping the taxes in check.
1. Number one – keeping the family wallet full.
Thus, everyone, Understand this, most entrepreneurs jump on life assurance mostly ’cause they want their families to be okay financially, you know? In the in the case of the owner’s passing, life assurance can take care of the expenses of a home loan, schooling, and everyday living costs.
This means the fam can live how they’re used to without the biz closing shop suddenly, putting them in financial worry. And guess what? The life assurance Marketing and Research Association says over 70% of entrepreneurs have this life assurance thing for the benefit of their families.
2. Number two – keeping the business going strong, no matter what.
Business life insurance is also vital for keeping the business up and running. So, if the boss passes away, the policy can help them purchase their share, which keeps the business from getting sold off or losing control that the boss has.
This is especially huge if the biz is a family business. In fact, a study by LIMRA says 60% of businesses fail within two years if the owner dies.
3. Number three – making the move easy peasy.
Another really important thing about biz life insurance is making the transition as smooth as possible. So, it’s like making sure the business keeps rolling without any problem, keeping everyone happy and the customers coming back.
A well-planned life insurance policy can ensure that the business is in good hands and that the transition is as seamless as possible. The American Council of Life Insurers reported 80% of we have a plan in place for this transition thingy.
4. Number four – keeping the stars of the biz safe and sound.
Crucial staff are basically the vital essence of your business. And hey, if we were to lose a highly important individual to our operation, that could severely harm us.
So, life insurance on the key executives can assist compensate for their absence and make sure the business maintains its continuity. The United States Chamber of Commerce says 70 percent of companies have got life insurance for those significant personnel.
5. Number five – keeping the taxes in check.
And, by the way, life insurance can also aid with tax considerations upon transferring leadership. Sometimes, the funds from the life insurance policy can be used to offset estate tax expenses, which can impose a significant burden on a small business. So, as a result, the business can remain within the family and continue to thrive with full vigor.
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