With entrepreneurship comes responsibility. The responsibility is first and foremost to your family who supported you to take on your endeavor, and secondly responsibility goes to your partners, employees, your bank, and your customers. For many business owners and self-employed people, especially in start-ups and the early years, you are the business. The success of the business is completely dependent on you being alive and going to work.
Term insurance is an affordable insurance solution that is ideal for business owners wanting the most coverage for the lowest premiums.
The word “term” in term insurance means the length of time that the premiums stay level. When the premiums increase at the end of every term the renewal is automatic and no medical is required. The renewal is handled differently with different companies. For example, with ivari’s Term 10 insurance on the renewal the premiums increase and then are again level for the next 10 years. With Manulife’s Term 10 insurance when the policy renews in year 11 the premiums increase every year thereafter.
a male non-smoker age 35, 1-million dollars of coverage would cost 41.02 per month for the first 10 years.
A female non-smoker age 35, 1-million dollars of coverage would cost 32.45 per month for the first 10 years.
(these rates are correct on April 9, 2020)
For a business, term insurance premiums can be deducted as a business expense if:
The term insurance policy can be owned by the company
Term life insurance is a good choose for a business if:
Life insurance is the only financial tool that produces cash on death. To determine the amount of life insurance coverage you need, it is important to know what the insurance is going to be used for. Once that is determined, we can help you shop the insurance market for the best term insurance rates among the leading companies we deal with.
If you are self-employed and are looking to secure your family’s financial future, get in touch with us to discuss your options.