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Why small business owners need life insurance

If you run a small business with no employees and are the breadwinner for your family, a custom life insurance plan, such as term life insurance may be enough to meet your needs.
Why small business owners need life insurance

In the event of the owner's unexpected death, insurance can provide financial support to the family, helping them cope with the loss of their main source of income and meet daily expenses.

Paying off business debts

Many small businesses have loans or other financial obligations. Insurance proceeds can be used to pay off these debts preventing the financial burden from being placed on the family or other business owners.

Insurance can provide necessary funds for business functioning while it seeks new management or transitions control to new owners.

In case of one of the partner’s death, the insurance payout can be used to buy out their share from the heirs, in order to protect the interests of the remaining partners.

Tax benefits

Life insurance can offer tax advantages, such as tax deductions on premiums in some cases, as well as efficient and convenient distribution of tax payments.

Source: https://www.fox41yakima.com/do-you-need-life-insurance-for-your-small-business/

Photos are from open sources.

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