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Business Owner Life Insurance: 

Steps to avoid losing your business and your home in the event of an unforeseen event.

More than likely, your family depends on your business’ income to survive. In addition, most businesses have accrued debt to start-up the business.

Unfortunately, your family members might not be equipped to take over the business if you die. Plus, the business may be difficult to sell with the passing of an owner. This could leave them financially devastated; without income or even in a position to lose their home. Often the small business owner uses their home for collateral for a business loan.

Life Happens, an insurance industry group, explains it this way: “When the family is forced to sell the business quickly, they may have to sell at a discount or during market conditions that make the business less attractive. In other cases, the business may be worth very little without the proprietor or partner.”

For the surviving spouse and family, not to mentions any employees, the loss of the business owner may create a nightmare scenario. Often, the spouse is not prepared to takeover the business. Unfortunately, selling a business after the passing of the owner generally results in a "sharks circling in the water" environment: offers are much less than expected.

There are time certain life insurance policies available, including 10 year term, 15 year term, 20 year term, 30 year term and a new, 40 year term life insurance option.

On a more permanent recommendation, we suggest a indexed universal life (IUL) policy. 

Call us today to discuss your options. The call and the advice are freee. 800.277.3098

Recommended Uses of Life Insurance for a Business Owner

  • 1
    Create a written buy / sell agreement with a key employee to purchase your business in the event of your passing. It is HIGHLY recommended to utilize a life insurance policy to inexpensively fund the agreement and to set a specific "buy / sell" price. This recommendation is used often for many businesses.
  • 2
    Purchase life insurance on yourself as the business owner to adequately protect your spouse/family in the event of your passing. In this manner, it will not be financially devastating to your family if the business does not continue without you as the owner in the picture.
  • 3
    Many times your life insurance premium is less than your phone bill. Yet, properly set up, life insurance may keep your business running and family living in the lifestyle they are accustomed.

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Each rate shown is a quote based on information provided by the carrier. By requesting a quote, you agree to LowTermInsurance’s Privacy Policy and Terms of Use. By submitting your personal information, you are making a consumer inquiry for insurance offered by licensed insurance agents. You consent and expect to be contacted by a licensed insurance agent via phone, email, text or direct mail. LowTermInsurance will not sell your information to a third party. Any health or personal information shared is protected by applicable HIPAA privacy laws and regulations. Invitations for application for life insurance on are made through its designated agent, Jack D. Davis, only where licensed and appointed. Jack D. Davis, is a licensed life insurance agent in multiple states and in his resident state of Florida. The following agent license numbers are provided for Jack D. Davis as required by state law: KY agent # 881715, MD agent # 2171689, CA agent # 0763085, PA agent # 430420, FL agent # D001693, GA agent # 30466520. Additional licenses are available upon request. No portion of may be copied, published, faxed, mailed or distributed in any manner for any purpose without prior written authorization of the owner. Life insurance policies described, quoted, shown and illustrated throughout this website are not available in all states and may include those issued by: ANICO – American National Insurance Company, Assurity, Banner Life/Legal and General, Sagicor, North American Life Insurance Company, Principal Life, Protective Life, TransAmerica Life. Rates and time taken to purchase a policy vary by product.Type your paragraph here.

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