Is Your Business Insuring Your Income?

Business Insuring - Insurance - Eric Felt Insurance - Is Your Business Insuring Your Income?

Jennifer led a storybook life. She graduated from college, married her high school sweetheart, and became a highly regarded consultant.  At just 44 years old, she dominated the market, partnering with a good friend and focusing on designing high-end homes. Life was good. She and her husband, Michael, enjoyed new cars, private schools for their two adoring children, summer and winter vacations.

Then one day everything changed. Jennifer had been the picture of health, so the stroke took everyone by surprise. Rehabilitation had the potential to bring her back stronger than ever – but six weeks into rehab, she had a fatal heart attack. Her family and her business partner were shocked.

Just seven months later, Jennifer’s partner decided to close up shop. Without Jennifer, the business income wasn’t what it had been, and her partner couldn’t afford to continue making a monthly payment to Michael.   She closed the business and sold the three used trucks, miscellaneous equipment, and office furniture. She split the proceeds equally with Michael.

Despite all the planning Jennifer was accustomed to in business, she never considered having the business insure her in the event of such a catastrophe. The small personal life insurance policy she did have was simply not enough. Not only did Michael lose his wife, but he lost thier financial stability as well. Frugality was now front and center in his daily spending decisions.

What’s your contingency plan? Will someone pay a steep price if you die with inadequate life insurance? Jennifer’s business could have insured her and prevented the financial burden that Michael and the children had to carry.  Don’t make the same mistake.

Request the facts on how your business can insure you and protect your family. It may be an easy solution.