Personal life insurance policies protect the financial interests of your loved ones. Business owners, entrepreneurs, freelancers, and other independent and high wage earners in the Little Falls, MN area can increase their family’s safety net with commercial life insurance policies. Here are 3 ways these policies complement a comprehensive, long-term financial plan.
- Commercial life insurance ensures that your business interests pass into the right hands. Business partners may agree to buy out the other’s share of the company upon their death. This gives dependents a large source of cash that can be invested and provide vital income for many years. Make sure your partner has the funds to complete that agreement by naming them as the beneficiary of your commercial life insurance policy. They won’t have to sell off pieces of the company to come up with the necessary, and your family will receive their maximum benefit from the sale.
- Are you planning a large-scale expansion of your business operations? Commercial life insurance policies will cover the costs of incomplete plans if you pass away suddenly. That means your family won’t have to bear the financial burden of any loans or liens. The experts at Hanneken Insurance Agency Inc. can help you decide how much coverage you need to protect all the important things in your life.
- In small operations, every employee is essential. If one of your key people suddenly passes away or becomes permanently unable to work, your commercial life insurance policy will keep you afloat while you change your game plan. Use the payout to find and train a new employee and to supplement lost income. The loss of a key employee doesn’t have to mean the loss of your livelihood.
The experts at Hanneken Insurance Agency Inc. can help you assess your commercial life insurance needs in the Little Falls, MN area. Contact us now for more information.