Life Insurance

Four Reasons Why Business Owners Should Consider Life Insurance

Four Reasons Why Business Owners Should Consider Life Insurance

1. DEATH OF A KEY PERSON The smaller your business, the more critical you’re likely to be to the success of the business. What if you were gone tomorrow? What if you’re a large company and an employee – perhaps your most important employee – dies suddenly? Having insurance on the lives of key people in your business will provide cash to the business that could be critical to smoothing over a rough period, or even keeping the business afloat, while the rest of the team looks to find a successor. No wonder many lenders, and investors, require companies to carry key-person insurance. You’ll be glad to know that if the insurance is required as a condition of borrowing money, a portion of the premiums will be deductible for tax purposes. But if you buy a $500,000 policy to pay…read more →

MANY CANCER SURVIVORS CAN AFFORD LIFE INSURANCE

Not that long ago a diagnosis of cancer often meant a death sentence. Fortunately, rapid advances in early detection and treatment during the past three decades have led to a dramatic rise in the odds of surviving the disease. The result: it’s easier than ever for cancer survivors to find life insurance at an affordable rate. If you have survived cancer, the first step in buying coverage will be to provide the insurance company with your comprehensive medical records. Any attempt to fudge these records could lead to cancellation or denial of some or all of benefits. Most policies will require you to complete an extensive health questionnaire and provide blood and urine specimens. However, some insurance companies will waive these steps in return for offering more limited coverage at a higher premium. Generally, to purchase life insurance, a survivor…read more →

How To Review Your Life Insurance Policy

Whether you recently bought a life insurance policy or have had one for several years, now’s the time to review it. Make sure you have adequate coverage and know exactly what’s covered. Understand the Summary Your paper policy or online life insurance account will include a one-page summary that outlines the type, amount and coverage your policy offers. Look at it and make sure you understand each line. If you don’t, contact your insurance agent for an explanation. Verify the Death Benefit or Cash Value Because life circumstances change, verify that the death benefit is adequate. You might need to increase coverage, and now’s a good time to do that. You’ll also want to verify the accuracy of the policy’s cash value. Also, understand how it’s calculated as you prepare for the future. Check the Term Let’s say you bought…read more →

Life Insurance for the Corporate Lifestyle

Did you know that there are life insurance policies for corporations? Corporate life insurance makes sure that your company stays healthy if an untimely death happens to you or a key worker such as a CEO.  When shopping for a corporate life insurance policy, three important questions must be considered: 1.Who will own the policy? A corporate owned policy offers many advantages, such as a continual cash reserve and less risk of personal liability. However, a corporate owned policy is also exposed to creditors. With a personally owned policy, the opposite is true – more protection from creditors and no cash reserve besides the listed policy benefit. Knowing the differences in each policy type will help you make an informed decision that’s best for your company. 2.Who should the designated beneficiary and shareholders be? To avoid taxable benefit issues, it’s a good…read more →

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