These endorsements allow you to secure insurance specific to your business needs. Most likely the answers to these questions are no, therefore, you need life and health insurance. Most insurance companies offer term and whole life insurance as well as credit life insurance. The premium is based on your age and health status when you initiate the policy. Whole life insurance is expensive but offers an accumulating cash value that you can borrow against and sometimes withdrawal while you are still alive.
Premium rates can increase over time based on age and health changes.
However, term insurance is often less expensive than whole insurance. Unlike whole insurance, term insurance expires. If one's health has deteriorated when the insurance expires, one may find it difficult to establish additional life insurance protection. This insurance is particularly useful if the business has borrowed heavily to start or continue the business' operation. If your business demands that you employ personnel, you will want to offer them health insurance benefits as well.