Top 3 Reasons You Should Carry Life Insurance as a Business Owner

Can you believe that the holidays are already here? The holidays are a time filled with laughter and cheer, but they’re also a time of forward-thinking and planning. As a business owner, it’s the appropriate time of year to review your life insurance. When you’re beginning your 2020 New Year planning, don’t forget to add life insurance into your plans.

Here are TBG’s three reasons why you should carry life insurance as a business owner:

  • You Want to Apply for a Business Loan
    • It may be surprising to you, but most banks require you to carry a life insurance policy before they’ll grant you an SBA loan. This is to ensure that the monies borrowed are insured should something happen to you. Also, keep in mind that based on the loan amount, there are additional items the bank will require from the business owner in order to finance the loan.
  • Your Business
    • In the event that a partner or key employee is suddenly gone, without the right life insurance in place, the business can quickly decline. Having life insurance helps to assure that the business can remain financially stable while the remaining business partner(s) or employees decide how to proceed.
  • Your Family
    • Your home. Your children’s education and futures. You’ll want to make sure that in addition to your business your family can carry on and maintain their lifestyle without any additional burden.

These reasons are just our top three among many others as to why you should carry life insurance as a business owner. Contact us today to learn about all the resources that we have to offer and how our team at TBG can help you and your business!

Contact Us Today  or call 866.207.8988

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