Protect Your Family and Your Sole Proprietorship with Life Insurance
Do you see the big picture now?
The simplest way to protect yourself, your business and your family if you have a sole proprietorship is to have life insurance.
If you die and have a life insurance policy then your named beneficiary will receive the death benefits in a non-taxable lump sum which they can use as they need to be used – especially when it comes to cleaning up the financial hangover of settling the business affairs.
There is a variety of regular life insurance or even business oriented policies available which can handle or be tailor made for any individual sole proprietorship – from a small income earner to huge income earners and everything in between.
The cheapest and most affordable form of policy you can own is term insurance which can easily take care of most of these financial problems which has resulted from an untimely death.
One Word of Caution
Whatever policy you select to cover your financial and income needs to resolve your business issues and take care of your family, never name your beneficiary as your estate because the benefits paid out will become part of the estate and can be subject to both state and federal estate taxes.
Can you Write Off Your Life Insurance Premiums as a Sole Proprietor?
The answer is in some cases you can and in some cases you can’t. But, if you are able to then you are strongly advised not to do so because if you do the death benefit will become taxable!
Finding Life Insurance for a Sole Proprietorship
You always want to talk to an independent agent like myself. We can access and research dozens of companies so you are assured we will find the best policy at the most affordable rates. If you need life insurance for your sole proprietorship we can give you valuable advice and help you to find a policy that suits you.
Whatever your needs or questions then please call me direct at 877 – 966 – 9383.