As a business owner, your immediate family members, partners, employees, and their families rely on you.
Your death could spell the death of the business you worked so hard to create. Needless to say, your family and the families of those that work for you and with you would be impacted to say the least.
Consider this as well: Many business owners take out loans backed by family assets – should those business owners pass away, these loans become yet another burden on bereaved family members, particularly if they choose not to take up the torch and pick up where their loved one left off. In some of these types of cases, grieving families are encumbered with the responsibility of selling their loved one’s business, which doesn’t always guarantee asset retention.
The list of financial troubles could go on, increasing the emotional toll associated with the loss of a loved one.
A proper life insurance policy can guard your family, friends, colleagues, employees, and their families from these and other hardships AND it can do much more than that.
A personal life insurance policy allows your family to pay off business debt and cover living expenses after your death. It also gives your family time to figure out what to do with the business without worrying about paying bills.
If you share a business with multiple owners, we can help create a buy-sell agreement with each partner. The agreement stipulates that on the death of a partner, the remaining partners can buy out the surviving family’s share at a previously agreed price. The life insurance pays for the buyout.
The right life insurance policy can serve you during your lifetime as well!
Roney Insurance Solutions can build you a policy capable of:
- Creating retirement revenue
- Paying for Long Term Care
- Paying for a mortgage, college tuition, weddings, and other expenses
- Paying estate tax after you pass
- Leaving a legacy to your family
The cash value growth of these policies is TAX FREE. Any withdrawals are TAX FREE. Your legacy is passed on to your beneficiaries TAX FREE.
If you are a business owner, you should also examine the RIS Premium Financing Program, an indispensable insurance vehicle for our high net-worth clients capable of generating massive cash value.