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Term Life Insurance - A Safeguard for Small Business Owners Term life insurance can offer protection for a small business and its owners in surprising ways. If you own a small business, you probably pay property and liability insurance, and are protected against fire, theft, flood and other disasters. But what would happen if you or one of your key employees was suddenly unable to work due to disability - or death? If something happens to you or one of your partners, what happens to your business? Who will pay outstanding business loans and other obligations? That's where term life insurance comes in. As your company grows, there are very likely to be one or two key people without whom you'd find it difficult to function. Besides you, there may be an accountant who understands the books inside and out, or the sales manager who drums up most of your sales. By taking out a term life insurance policy on each of those people, you can insure your company against the losses it would inevitably face if one of them were to become unable to work because of death or disability. Why term life insurance? Especially for a young company, the lower premiums and limited term of coverage make more sense. As the company grows and becomes more stable and successful, a term life insurance policy can often be converted to a whole life key person policy - a life insurance policy that is specifically designed to cover the loss of a key person in an organization. A term life insurance policy can also » Discuss it » Continue Reading »
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