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