Protecting Your Assets With Insurance
Author: Matthew Griffith
Source: ezinearticles.com
I’m not licensed to sell life insurance, but I am a big fan of insurance under the right circumstance. Life insurance can be a great way to aid your widow to retire the business’ debt. That would enable her to sell the business after your death and realize the full value of your company. You might need some additional life insurance coverage to retire your home mortgage debt, car loans or other debt, and provide cash to support your family after they lose your income.
What about disability insurance?
You didn’t ask about disability insurance, but it might be even more important, given your circumstances. You’re a young and physically active person. And, your business is relatively small and cannot operate for long without you. You’re more likely to suffer a disability in the next 20 to 30 years than to die. So, I’d encourage you to discuss disability insurance with your agent.
Before you meet with your agent, please review this post- Is Your Insurance Agent Reassuring. In that post, teach you how to communicate with your agent in order to make the most of insurance purchase.
Remember this- Your insurance agent is NOT YOUR agent. Your agent actually represents the insurance company. So, keep in mind that you always have the right to seek a second opinion from any professional advisor. If you’re not comfortable with the advice you’re getting, seek a second opinion. You might return to the original advisor, but you’ll have more information and possibly a higher level of faith and trust in the advice you’re getting.
Matthew Griffith is an entrepreneur, coach, business owner and attorney. He is a shareholder and director of the Indianapolis law firm of Thrasher Buschmann Griffith & Voelkel, P.C. He is also a principle, director and co-founder of the business consulting firm, Blue Marble Consulting Group, LLC.
Mr. Griffith can also be reached at his blog site- http://askmattonline.com.