Because your future deserves a second opinion
It would be an understatement to say that family businesses are the backbone of the American economy. Some 90 percent of all businesses in this country are either family-owned or family-controlled. They come in all shapes, sizes and colors, representing all sectors of our economy. From agriculture to services, technology and manufacturing, family businesses generate an estimated one-half of the U.S. Gross National Product and pay half of all wages earned in this country.
Not all family businesses are traditional small businesses either. In fact, about one-third of all businesses included in the Fortune 500 are family businesses. But not all of the family business statistics are rosy.
Family businesses tend not to outlive their founders. At any given moment, 40 percent of family businesses are in the process of transferring their ownership. Unfortunately, two-thirds of all initial transfers fail. Of the one-third that survives an initial transfer, only one-half will survive a second transfer.
Cash received from a life insurance policy (the death benefit) can help your loved ones cover immediate expenses such as the mortgage or any other outstanding bills. Life insurance gives many people the peace of mind of knowing that their family’s financial future is secure when they are no longer around to provide for them.
Here are some examples of why people buy life insurance:
- To supplement their own retirement income. Life insurance can have the potential to build cash value, which can be used as an additional income source during retirement.
- To cover immediate final expenses. During the emotional times of a loved one’s passing, a final expense life insurance plan can help reduce or eliminate the financial burden on the family when they already have many other concerns.
- To leave a legacy. If you want to leave money for a grandchild’s college education or to your favorite charity, legacy planning with life insurance can help you achieve and maximize your goals.
There are many more reasons why life insurance should be an important part of your portfolio. Contact us to speak with one of our licensed professionals to find out what type of life insurance plan is right for you.