The events of the pandemic over the past 2 years have played a huge role in the choices that many people have made in their personal and professional lives. Having the freedom to take time off when you want, perhaps work on a platform that allows you to be creative when describing your product and paves the way for more income than you could make at an hourly rate for someone else are all reasons to become your own boss. If you are a small business owner or a “solo act” of sorts marketing a service or product, you may have recently realized that it could be time to start thinking of a few others besides yourself!

Here at the Alexander insurance agency of Saint Charles, are experts on trends and other events that may affect your various needs as a business owner. There are some other very eye-opening reasons to have life insurance if you’re a small business owner that doesn’t involve just protecting your family and can help you greatly if something unexpected falls into your lap. Your continuing adoration and long-term care for your family is a predominant reason to consider life insurance, but here are a few more that will aid you in making a final decision.  

For When Smooth Sailing Suddenly Becomes Stormy:

As you’re at the home for anything such as a grocery store, supply portal, or branch of the trucking industry, you definitely become used to taking precautions for events that seem to arise out of nowhere. If you encounter a sudden illness your productivity can decline rapidly, and you may not have enough funding to assure smooth operations while you need crucial time to rest and heal. Any form of financial aid that you can have at your disposal could be crucial for you during this time and could be the difference between temporarily or permanently shutting the doors. There can be very convenient clauses and features of life insurance policies that provide a great help for more than just the beneficiaries listed.

Protecting a Long-Lasting Name Brand or Legacy:

You put in the time and effort to make your business successful, so it is essential to ensure that it’s success doesn’t stop with you. If you secure the right kind of life insurance coverage, you could be sure that it’s not just your name that lives on after you’re gone, and set your legacy in stone the way it was intended to be. We know that sometimes if an individual is dealing with serious things such as cancer, the meetings, appointments, and phone calls stack up so fast that there’s not always sufficient time to prepare. 

Using the Policy as a Temporary Stepping Stone:

There are all sorts of life insurance policies that can actually be helpful when you find yourself needing to secure an important small business loan. If you successfully negotiate a loan to begin your company and fuel you’re awesome ideas, the lender sometimes will give you the option to put up a life insurance policy as the collateral. This means that if you were to pass away for any reason, your family would not be left with any burden and the loan would be fulfilled. One instance where there this could be very useful is if you have done the market research and are extremely confident you have a product or idea that is bound to profit!

The Massive Good Sense in Shopping Around:

Life insurance is one of the forms of coverage that offers many varieties and a few confusing options to choose from. Rest assured, we can attest that it’s worth it to read all the fine print! Term life kicks in for a set amount of time, while whole life covers you for the entire duration, while also building residual value based on time increments. Universal life insurance yields interest on the cash value of the policy and gives you a little very helpful breathing room when it comes to monthly payments. Variable universal life provides the constantly changing benefit of an opportunity to take your cash value and invested in the wide world of possibilities that exist in the current stock market. 

No matter what chapter of your business’s story you are writing currently, seeing us here at Alexander Insurance can permanently set you up with insight about where to turn when you are searching for Life Insurance Coverage: One good choice after getting our advice may help give you confidence and a continuity plan that makes perfect sense for the future!