Life insurance allows you to protect the financial future of your company and your loved ones.
It’s not uncommon for business owners to have their entire life savings tied up in their business.
If you own a business, life insurance is a sound financial plan
As a business owner, you’ll no doubt be tireless when it comes to developing and growing your businesses. But what about planning for the unexpected? What if you, one of your partners or a key employee died unexpectedly? Would your business be protected or would the loss be devastating?
Life insurance is a critical tool business owners can use to shift financial risk away from their business and onto the insurer, and by doing so create a solid financial footing for the future.
By understanding the benefits of life insurance, you can use it as a strategic business development tool that can help you overcome many of the problems associated with running and growing your business, including succession planning and estate planning. Life insurance can even help your business to qualify more easily for business finance.
When a business partner dies, life insurance solves the cash crisis
When a business partner dies, so too could your business – unless you have an agreed estate plan, succession plan and business life insurance in place. Without this type of detailed planning and the money from a life insurance policy, you may have to reorganise your business to bring in the deceased’s beneficiary. Or you may have to sell your business because you don’t have the money to buy the beneficiary’s share of the business.
In most businesses, life insurance will be the foundation of these plans. By having life insurance and a solid estate plan and succession plan in place, in the event of an unexpected death, you or your business partners can maintain control of the business – no liquidation, no interruption and no new partners, unless you choose so.
For the beneficiary, this kind of preparation and legal documentation means they’ll receive the full value of the deceased’s share of the business – no delay, no loss of value, no additional grief.
How to secure the best life insurance protection for your business
When it comes to life insurance, nothing can be left to chance. To ensure the very best protection for your business, your partners and your loved ones, you need expert advice from someone who not only understands insurance but also understands business.
Stephen Jones has been in the insurance industry since 1971. He has owned three successful businesses and has helped countless business owners to minimise their financial risk and safeguard their financial futures through business life insurance.
“A business owner could be a sole trader, part of a partnership, a company or something else,” Stephen says.
“There are real complexities in business and because of this, for a business life insurance policy to be effective you can’t just buy it off the shelf, you have to really know what you’re doing so you can be sure of the size of the benefit in the event of a tragedy.
“Looking after business owners’ insurance is my passion. I want to make sure that my clients’ families are going to be okay if something happens.
“I have a tremendous knowledge of the structure of business and the structure of insurance and I know how to put it all together to create real strategies and structures that will provide real solutions to the financial problems that arise when someone in a business dies,” he says.
If you don’t wish to leave the future to chance and want to know how you can safeguard your business, your assets and your peace of mind with a risk planning strategy tailored to the specific needs of your business, call Stephen Jones today to organise a complimentary, no-obligation and strictly confidential consultation. It may turn out to be the most important meeting of your life.