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Why Small Business Owners Should Buy Life Insurance Policies

Small business owners realize they need basic business insurance, including general liability and property damage. Unfortunately, most of them do not think about life insurance, writes IEEE Spectrum.
Why Small Business Owners Should Buy Life Insurance Policies

Life insurance is necessary for sole business owners. For instance, a LIC may provide funds to cover debts and pay off any business loans that an entrepreneur has accumulated. Besides, the life insurance funds can be used to pay for rental property and other office expenses. An insurance company can also pay salaries to employees.

Since the person can name the beneficiaries, the payment will be received by the second spouse or children of the deceased. Thus, their loved ones will be protected.

Insurance benefits

A life insurance policy protects your family and business; it has fixed rates that will not change during the term of validity.

Source: https://spectrum.ieee.org/at-work/tech-careers/why-small-business-owners-should-consider-life-insurance
Photos are from open sources.

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