Life insurance is essential for an entrepreneur
Life insurance is essential for an entrepreneur. Starting a new business is one of the greatest illusions that entrepreneurs have. The excitement of the first day, when opening the doors of the hairdresser, the auto repair shop, the bakery, the spare parts store, or the exotic food restaurant, comes after years of sacrifice to finance the dream of economic independence.
In each new project, in addition to self-realization, the entrepreneur seeks to provide for his family and needs the commitment of employees who also see the business as a way of supporting their own.
However, these dreams are not without their dangers. The indebted entrepreneur may die, the victim of an assault on his business, in an accident or sudden illness, and if he is not prepared, he will leave his family in ruins. The business, which was the family’s lifeline, would become a time bomb.
If the loans for the business were backed by family assets, such as the house, with the death of the entrepreneur, not only is the business in danger, but also the well-being of the family. Bills will continue to arrive on time and workers’ wages will need to be paid.
This nightmare can be avoided if the business owner takes out life insurance. Then, in the event of death, the death benefit would guarantee sufficient financial resources for the family to bear their loss and would help pay the debts originated by the business, guaranteeing enough time to sell the company without haste and at a good price.
When hiring for life insurance, it is important to know the amount you intend to protect. To do this, he must calculate all his debts, both business and personal, the mortgage on the house, the possible cost of the children’s education, and the income he would like his relatives to receive to cover his absence. Life insurance is essential for an entrepreneur.
Having good life insurance helps to raise the blindness of the business every day with the peace of mind that his dream is protected.