If you are a small business owner, whether you know it or not, are responsible for the livelihoods of those that you employ at your business! If you were to unexpectedly pass, you would want to make sure that your business and legacy can carry on so you can help provide for your employee’s livelihoods even after you have passed on!
Life Insurance is also a good option for those owners who have a family that depends on the income of your business! And if you had to leverage any personal assets or incurred debt to keep your business afloat, a life insurance policy could be used to pay off any debts that might still be outstanding! If you are a single business owner with limited family, as mentioned in the opening paragraph, you can even name the business itself as the beneficiary so it can stay operational in your absence!
Business owners can take out many different types of Life Insurance, and pick whichever one that they see fit for their needs! It all depends on preference and the circumstances at hand—but it’s best to talk to your insurance agent so you can figure out what’s best for your business, your family, and yourself!