How To Fill A Business Owner's Insurance Needs

Life insurance can provide significant amounts of cash to help employees and your family members cushion the financial impact of the death or retirement of the owner-manager.

Speak with a life insurance broker to find out what life insurance you can qualify for and how much it will cost. (Don't let this discussion of life insurance for your business needs induce to forget about life insurance for your personal needs.)

• If you have a life insurance broker, people with a health condition are often reluctant to tell their life insurance broker about their health condition for fear the policy will be canceled. If you were truthful when you applied for the insurance you have, there is no reason to fear disclosing your health condition to your broker.

• If you don't have a life insurance broker, locate a good independent broker (see our article on Life Insurance Broker). You don't have to disclose your identity to get an idea whether life insurance is obtainable by someone with your health history and an idea of the premium ballpark.

You may not qualify for the same premiums as people who have not been diagnosed, but you may be able to get the same policy by paying more. Or perhaps you can qualify for "simplified" life insurance (a policy with few medical questions.).

Everyone, regardless of medical condition, can obtain guaranteed issue life insurance -- life insurance that's issued with no questions asked. While guaranteed issue policies may only be for smaller amounts such as $10,000 or $25,000, the amounts can add up.

If a broker tells you that the only insurance you can get is guaranteed issue because of your health, find out if your health qualifies to let you obtain cash from your life insurance policy while alive through a Viatical Settlement or Senior (Life) Settlement. . This is not a suggestion that you do sell, just that you learn your alternatives. (If your physical condition doesn't qualify for a sale, the broker can tell you what marker would be needed with your condition that would permit a sale.)

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