Life insurance is a very important tool, but it is one that is frequently misused. Think of this analogy… If life insurance is a crowbar, but we need to drive a nail into a board, then we are using the wrong tool. However, that crowbar can still be very useful in other ways; and like a crowbar, life insurance offers leverage.
Without proper planning, lack of liquidity is common at the death of a business owner. Life insurance creates immediate capital: (a) capital to buy out your partner’s interest in your company in the event of their death; (b) capital to fund your family’s everyday expenses when you are gone; and (c) capital to pay estate taxes.
Here is something to think about: When was the last time you reviewed your life insurance with someone other than the person who sold it to you?
Let’s review your life insurance policy together.
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