If your family or your business depends on you, then you need life insurance. If you are married, with or without children, whether you work outside the home or not, your contribution in dollars and time would need to be replaced should you die. Life insurance offers that protection. If you own your own business, you may need to use life insurance to fund a buy-sell agreement at your retirement or at death. Appropriate valuation of the business interests and retention of those employees needed for the business to remain successful are key factors for you and your family's and your business' future.
Insurance is an effective method for funding all the above needs for the woman business owner.
A financial professional can provide assistance in determining the nature and needs of your business and work with you to develop an effective and efficient business succession plan. 5 Using insurance for business purposes requires an assessment of the value of your business which can be done in one or a combination of ways including, appraisal, book or formula, and a further assessment of other factors such as key employees, and retirement and disability needs. Different insurance products are available to fit an individual's ability to pay premium based upon need. For example, Term insurance, the least expensive, pays a death benefit only. It has no internal cash value and you can't turn the policy in for cash before you die.