More than half of Americans overestimate the cost of
life insurance by 3X.

What is life insurance?

Life insurance is a contract between you and an insurance company that provides a financial safety net for your loved ones in the event of your passing. By paying regular premiums, you ensure that your beneficiaries receive a lump-sum payment, known as a death benefit, to help cover expenses like mortgage payments, educational costs, and everyday living expenses.

Why is life insurance important?

Financial Security: Life insurance ensures your family can maintain their standard of living, covering everyday expenses and future financial goals.
Debt Coverage: It helps in paying off debts such as mortgages, car loans, and personal loans, preventing your family from facing financial burdens.
Funeral Costs: It covers funeral and burial expenses, which can be a significant financial strain during an already difficult time.
Peace of Mind: Knowing that your loved ones are financially protected provides immense peace of mind.
Legacy Building: Using a life insurance policy as a tool to create, preserve, and transfer wealth to future generations or designated beneficiaries. It is about ensuring that one’s financial and personal legacy is protected and continues after passing, allowing loved ones to benefit from the foresight and planning made during one’s lifetime.

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JayOlson@TLISMN.com

320.223.0551

As a Life Insurance Specialist, and agency owner. I understand the unique risks and responsibilities that come with being a business owner. Life Insurance is just not a financial product; it’s a critical componenet of a sound business strategy that can provide peace of mind and financial security for both the business owner and their families. Here are several key reasons why life insurance is especially important for business owners:

Business Continuity: If an owner passes away unexpectedly, life insurance can provide the necessary funds to ensure the business continues to run smoothly. It could cover operational costs, pay off debts, or assist in finding a successor to take over, maintaining the confidence of employees, clients, and stakeholders.
Debt Protection: Life Insurance can ensure that these financial obligations are settled in the event of the owner’s death, preventing the burden to fall on family members or partners and helping to protect the business’s assets.
Key Person Insurance: In many businesses, certain individuals hold critical roles that are vital to the company’s success. Life Insurance can help cover the financial impact of losing a key employee by providing funds for the recruiting and training a replacement, as well as covering lost revenue during the transition period.
Estate Planning: Life Insurance can help ensure that your heirs have the cash needed to pay estate taxes, allowing them to keep the business running without having to sell off assets or take drastic measures during a time of grief.
Family Protection: Family and your business are often intertwined. Life Insurance ensures that loved ones are financially secure in the event of the owner’s untimely passing. It can provide a safety net that allows family members to maintain their lifestyle and responsibilities, whether or not they are involved in the business.
Buy/Sell Agreement: A crucial element for multiple owner businesses! In the event of an owner suddenly passing, Life Insurance can provide the funds necessary for the surviving owners to buy out the decesased owner’s interest in the business, thereby maintaining stability and control.
Tax Benefits: Premiums paid for the Life Insurance can sometimes be tax-deductible, and the death benefit received by beneficiaries are typically tax-free. This can create a tax-efficient way to transfer wealth.
Peace of Mind: Finally, having the right Life Insurance coverage can relieve stress and provide peace of mind for business owners. Knowing their family and business are protected allows them to focus on growth and operations, rather than worrying about potential risks.
In conclusion, Life Insurance not only safeguards their business continuity but also the financial future of their families and ensures that the legacy they’ve built can be sustained and protected in their absence.