Life Insurance in Your Business

April 13, 2006

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In other parts of this discussion, we have dealt with questions about how life insurance may fit into your personal financial situation. Here we will discuss how your need for life insurance may be affected because of ownership of your business. Whether your need will increase will depend on how you answer these questions:

Is your business currently profitable?
Do you intend that family members would continue to operate the business if you died?
Do you find it difficult to save money in order to have a contingency fund for your business, and if so, would you like to have the ability to borrow money at reasonable rates on demand?