Every business has expenses to pay – rent, admin, supplies, salaries, etc. However, maybe it’s now time to consider adopting a Section 162 bonus plan, allowing your business to pay for your life insurance cost. It keeps the premiums from being a personal burden and can allow your personal admin to alert you when your coverage should be brought up to date with your income.
If you’re a small business owner – a sole proprietor or a 2-person partnership, your family may be far more vulnerable to a premature death than most. As businesses grow, statistics often show that too few business owners have updated their personal life insurance. The result is that families are often incapable of sustaining their lifestyle when an unexpected death occurs.
Request our information on Section 162 bonus plans and see if it fits with your objectives. Keeping your business growing is important but keeping your family safe from the effects of a death should be equally concerning. Ask for the facts. It may be an easy way to address an important issue.