Posted: Nov 01 '20

Term Life Insurance on Your Own Terms: How to Decide on a Term Length for Business Owners

Term life insurance is a favourite of many business owners because of the flexibility this type of policy allows. Out of the different types of life insurance, you can purchase a term policy can be tailored the best to fit your goals and needs. It can also be augmented during the time you hold the policy. Contact us to learn more.
 

Why Choose Term Life Insurance? 

 
Many new business owners opt for term life insurance. A term policy is a life insurance policy where you choose the level of insurance you are going to carry and how long the policy will cover you. 
 
New business owners tend to like this type of policy because they want something for themselves while they get their business up and running. Once the business is profitable, owners will move over to group policies where they can cover their employees as well as themselves. This style of life insurance policy is a great way to give your family peace of mind while you are working on making your business a huge success. 
 

Benefits to Holding a Term Life Insurance Policy

 Cost 

• The cost of term life insurance will be less than your average policy. This is true because the amount of time the policy is in effect is defined, and there is no investment piece to the policy. 
  

Easy to Understand 

• The terms are straight forward. You agree to pay a premium for a certain amount of death benefit, and as long as you pay your premium, you have the policy. 
  

Flexibility 

• Once your policy comes to an end, you can easily renew or convert it into another type 
  

Overall, this type of life insurance policy will ensure that if something terrible happens, your family is covered. Assuming that you start a business during the best years you have for making income, you can take out a large enough policy that will leave your family with zero hardship should something happen to you. 

Term Life Insurance with Vistaplan

Term life insurance may be a smart choice for you and your family. If you do not have life insurance at the moment, consider the cost to your family if something terrible does happen. Call a Vistaplan broker today to help you find the best rates for your situation. 

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About the Author - David Motkoski

David is a well-respected insurance advisor with over 30 years of experience helping healthcare professionals, business owners, and their families secure their financial futures. He takes the time to make certain his clients understand the life, disability, and health insurance products they are purchasing, so they can make the right choices for their budgets, plans, and futures. CONNECT WITH ME ON LINKEDIN