Hope of every business person and entrepreneur is to achieve success and independence, to one degree or another. To this end, these individuals can become single-minded, pouring endless energy and focus into the task at hand. While this can generate a great deal of income, and build security for the future, it’s also a vulnerable time in the life of entrepreneurs – take caution
More than 6% of Americans own a business that provides their primary income. For these people and their families, their business is the lifeblood of support and success. For many of these individuals, failure in the business would ruin the family’s finances. This is the sort of vulnerability that is typically considered when talking about the early risks of a business venture. But another, and the more devastating, would be the unexpected death of the person running the business.
It’s common for young, healthy, successful people to forego life insurance. It makes sense, after all, only 192 people out of every 100,000 Americans dies between the ages of 25 to 44. And while those might seem like good odds, the outcome of the sudden death of a business owner and familial provider is scary to think about. Is saving money on life insurance by avoiding it completely worth the worry that your family won’t be provided for if you aren’t around? To answer that question, it’s important to understand what is available.
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