It happens hundreds of times a day. A family owned business goes belly up because the owner, who is usually the CEO and the only person that knows how to run the business, dies without adequate life insurance.
The result is a family suddenly missing an income and possibly being on the hook for outstanding business debt. Also on the bad end of things are employees who will lose their jobs because all available money will be directed to the family because of their dilemma.
It’s a domino effect. Some folks don’t care about banks, but banks could lose substantially because of unpaid loans. Vendors could go unpaid for the goods and services.
There just isn’t anything good about running a business without adequate life insurance. Term insurance is inexpensive and really a good product for businesses. If you have a business, get life insurance quotes today.
This post is somewhat dated. Life insurance underwriting is changing and evolving continually. For more updated information check out some of the key word links. If you have a specific question or topic you need information for do a search. If you don’t find the answers you need contact me and we’ll make sure you get the information that is important to you.