The Kickass Entrepreneur
  • About
  • Blog
    • All Blogs
    • Create Wealth (Investing)
    • Entrepreneur Interviews
    • Featured Top Posts
    • Growing Profits
    • Growing Revenues
    • Marketing
    • Positive State of Mind
    • Real Estate Investing
    • Retirement
    • Sales
    • Selling your Business
  • Book
  • Courses
  • Podcast
  • Resources
  • Contact
The Kickass Entrepreneur
Subscribe
The Kickass Entrepreneur
  • About
  • Blog
    • All Blogs
    • Create Wealth (Investing)
    • Entrepreneur Interviews
    • Featured Top Posts
    • Growing Profits
    • Growing Revenues
    • Marketing
    • Positive State of Mind
    • Real Estate Investing
    • Retirement
    • Sales
    • Selling your Business
  • Book
  • Courses
  • Podcast
  • Resources
  • Contact
  • Financial and Investment Calculators and Economic Data

6 Reasons Why Entrepreneurs Need Life Insurance

  • February 1, 2021
  • 2.4K views
  • 3 minute read
  • Meg Rivera
man writing
Share
Tweet
Share

Even if you are young, fit, and healthy, as an entrepreneur, there are several good reasons why it makes sense to take out a life insurance policy.

6 Reasons Why Entrepreneurs Need Life Insurance

Let’s take a closer look at these 6 strong reasons why you have to secure one.

You Can Prepare for the Unexpected

As an entrepreneur, you should be used to expecting the unexpected and taking precautions. When unexpected situations arise, you must have financial aid in place.

When the owner of a business gets sick, the business can decline rapidly if co-owners do not have sufficient funds to keep business operations going while looking for a replacement business partner.

You Can Preserve Your Business Legacy

You will have put in a considerable amount of time, effort, and passion to make your brand successful, so it makes sense that you would want to preserve your legacy and achievements even after a tragic event occurs.

But without the right coverage, your business could easily end up closing.

You May Want to Transfer Your Business Life Insurance Policy

Business owners may want to transfer their ownership of a corporate life insurance policy to an individual for several reasons.

For instance, you may be selling your company but want to keep the insurance policy for your individual-planning. Business-owned life insurance policies can be transferred for personal use under certain circumstances.

How you transfer ownership of a life insurance policy from a tax point of view typically comes down to the type of business-owned life insurance policy you have, whether the policy is treated as a distribution or compensation, and the type of person the policy is being transferred to.

Your Past Health Problems Could Reappear

Unfortunately, if you have experienced certain types of health problems in the past, they could easily return.

For example, entrepreneurs too often become overloaded with stress due to the pressures of running a business, and stress can lead to various health disorders, such as insomnia, chronic migraines, and hypertension.

If a health problem leaves you too sick to work, or worse, a good self-employed health insurance and life insurance policy can help your business survive and protect your family.

You can get life insurance even after things like heart attacks, so even without the best medical records, you can still be granted coverage.

You Can Pay Off Debt with a Life Insurance Policy

If something should happen to you, you could leave company debts behind.

When your company cannot pay debts, it will not be able to survive. If you want your business to live on and ensure no family members or others are left having to find money to pay off debts, you must have a life insurance policy.

All your debts can then be paid off easily, as long as your policy covers repayments to be paid by the insurer.

You Can Use Life Insurance as Collateral

A life insurance policy can have practical financial benefits for entrepreneurs. When you begin running a business, you could need a cash injection now and then to help your business stay afloat or grow.

New entrepreneurs can find it difficult to achieve profitability when first starting out, and therefore, they may need to rely on different types of funding more than once.

Although reaching out to traditional lenders is the first step for any entrepreneur, if you are rejected for a loan, you will have to consider other options. With a good life insurance policy, you could have savings available that can be used as collateral security for financing your business.

When you invest money from such sources, investors will begin to take you more seriously. Therefore, next time you need to borrow some cash for your business, you are more likely to be able to get it from traditional lenders.

Conclusion

We have just discussed the 6 main reasons why all entrepreneurs must get life insurance. Can you think of other reasons? Let us know in the comment below. 

Thank you for your interest in THE KICKASS ENTREPRENEUR'S GUIDE TO INVESTING. Three Simple Steps to Build Massive Wealth with your Business's Profits. Please check your email to confirm the book download. Form: 400529

There was an error submitting your subscription. Please try again.

Related Posts:

  • The Pros and Cons of Permanent Life Insurance vs Term Life Insurance
  • What to Know About Selling Your Life Insurance Policy
  • 5 Dangerous Jobs That Make You Consider Life Insurance
  • Prepare Your Business, Life, and Wealth with COVID-19 Insurance
  • 6 Reasons Online Entrepreneurs Need to Know SEO
  • Major Reasons Why Start-Up Entrepreneurs Need To Know About Digital…
Share
Tweet
Share
Meg Rivera

Previous Article
  • Featured Top Posts

What Three Things Can a Young Person Do to Turn Their Life Around?

  • February 1, 2021
  • Jeff Wiener
View Post
Next Article
When to Sell Your Business
  • Uncategorized

How Do You Know When It’s Time to Sell Your Business? It’s Not All About the Money.

  • February 4, 2021
  • Jeff Wiener
View Post
You May Also Like
Best-online-stock-broker
View Post
  • Financial and Investment Calculators and Economic Data

5 Best Brokers For Penny Stocks with Great Track Record

  • May 18, 2022
  • Frances
Digital scheme with businessman hand with bitcoins, tablet and s
View Post
  • Financial and Investment Calculators and Economic Data

Should You Lend Your Crypto?

  • May 18, 2022
  • Frances
forex brokers
View Post
  • Financial and Investment Calculators and Economic Data

5 Best Forex Brokers For Beginners in 2022

  • May 13, 2022
  • Frances
sets of numbers
View Post
  • Financial and Investment Calculators and Economic Data

Platform Benefits of Metatrader 4

  • May 5, 2022
  • Rene
a person types on the keyboard
View Post
  • Financial and Investment Calculators and Economic Data

How to Grow a Big iGaming Brand: Fundamentals

  • May 3, 2022
  • Rene
a guy with a banner
View Post
  • Financial and Investment Calculators and Economic Data

The Top 10 Best Online Stock Brokers for Beginners

  • April 29, 2022
  • Frances
a computer system
View Post
  • Financial and Investment Calculators and Economic Data

Getting the Most Out of Your Advertising Budget

  • April 27, 2022
  • Rene
a laptop beside bitcoins
View Post
  • Financial and Investment Calculators and Economic Data

How the Navajo Discovered Bitcoin Mining and Now Switching to Renewable Energy

  • April 22, 2022
  • Rene

Join 6,472 Entrepreneurs That Get My Business Building and Wealth Creation Posts by Email

I can teach you how to build a successful, profitable business, and turn that into millions in personal wealth.

Thank you for your interest in THE KICKASS ENTREPRENEUR'S GUIDE TO INVESTING. Three Simple Steps to Build Massive Wealth with your Business's Profits. Please check your email to confirm the book download. Form: 400529

There was an error submitting your subscription. Please try again.

We won’t send you spam. Unsubscribe at any time.

Recent Posts
  • girl writing content 1
    The Secret App Tools to Writing Content Well: How to Choose the Best One for You
    • May 19, 2022
  • Best-online-stock-broker 2
    5 Best Brokers For Penny Stocks with Great Track Record
    • May 18, 2022
  • online teaching 3
    How To Make Money With Online Courses: Learn From The Billionaire Way
    • May 18, 2022
  • 9 Essential Financial Management Strategies for Business Owners
    • May 18, 2022
  • Digital scheme with businessman hand with bitcoins, tablet and s 5
    Should You Lend Your Crypto?
    • May 18, 2022
Featured Posts
  • how to become wealthy
    The Entrepreneur’s Secret to How to Become Wealthy and Build a Personal Fortune
  • Most Profitable Small Businesses
    27 of the Most Profitable Small Businesses to Open in 2022
  • Become a Decamillionaire
    How to Become a Decamillionaire, Grow your Net Worth to $10 Million, and Join the 1% Club
Categories
  • All Blogs (847)
  • Canadian Financial Products (4)
  • Create Wealth (Investing) (106)
  • Entrepreneur Interviews (21)
  • Featured Post for Main Menu (4)
  • Featured Top Posts (23)
  • Financial and Investment Calculators and Economic Data (81)
  • Fitness (1)
  • Growing Profits (60)
  • Growing Revenues (98)
  • Growing Revenues (63)
  • Marketing (77)
  • Millionaire and Business owner interviews (2)
  • Positive State of Mind (63)
  • Real Estate Investing (13)
  • Retirement (13)
  • Reviews (12)
  • Sales (14)
  • Sell Me This Pen (7)
  • Selling your Business (13)
  • Startup Ideas (6)
  • Technology (8)
  • Top Products (4)
  • Uncategorized (44)
Follow us
Author
Jeff Wiener
Jeff sold his company to private equity in 2017 and is now semi-retired. Jeff spends time…

    CHECK OUT MY BLOG, AND SUBSCRIBE

    about
    The Kickass Entrepreneur

    Expand Your Business, Improve Profits, Create Wealth

    Expand your business, improve your profits, and create wealth. Each one of the three can be elusive goals. Follow the right steps, and you, too, can create financial independence. It is possible … you just have to take the right steps.
    NAVIGATION
    • About
    • Blog
      • All Blogs
      • Create Wealth (Investing)
      • Entrepreneur Interviews
      • Featured Top Posts
      • Growing Profits
      • Growing Revenues
      • Marketing
      • Positive State of Mind
      • Real Estate Investing
      • Retirement
      • Sales
      • Selling your Business
    • Book
    • Courses
    • Podcast
    • Resources
    • Contact
    TAGS
    apartment BATNA Business business failure business growth business sale Capitalization Rate CAP Rate cash cash flow Creating Wealth Discipline entrepreneur entrepreneurship excel Featured goal setting Growing Business investing investment real estate M&A marketing Marketing KPIs Mergers and Acquisitions | M&A | Entrepreneur Blog Millionaire millionaire next door mistakes MUR Negotiation Peter Principle Profit profitability real estate retirement revenue Revenues sales sales management Semi-Retirement Blog | Entrepreneur Blog | Small Business Blog small business Stagnant stocks success Thomas Stanley wealth
    RECENT ARTICLES
    • online teaching
      How To Make Money With Online Courses: Learn From The Billionaire Way
      • May 18, 2022
      • No comments
    • cyrptocurrency
      How Investing From Home Is Made Easier Using ASIC Miners From CoinMining Direct
      • May 18, 2022
      • No comments
    • sofa
      10 Cheap Renovations That Can Add Value to Your Property
      • May 16, 2022
    • keys
      Understanding the Different Types of Investment Properties
      • May 13, 2022
    • cryptocurrency
      How Investing From Home Is Made Easier Using ASIC Miners From CoinMining Direct
      • May 13, 2022
    • Savings & Financial Planning
      Quick Guide on How Much Saving Should You Have By Age 25?
      • May 12, 2022
    The Kickass Entrepreneur
    • Coaching
    • Book
    • Blog
    • Contact
    • Privacy Policy
    • Terms
    • Disclaimer
    • Facebook
    • LinkedIn

    Input your search keywords and press Enter.