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Life Insurance

I found this article the other day by Gonzalo M. Garcia, CLU, and thought you would appreciate it.

Protecting your business starts by first protecting your household

A career as a business owner can be rewarding and fulfilling.  It can also be hectic and stressful, as you work long hours wearing many hats running your business, developing and acquiring clients, managing staff and possibly even making the coffee in the morning.  All of these activities take time and for some, regardless of industry, building a successful business is a seven-day-a-week, 365-day a year endeavor.  

If you have a family, you’re already aware of the additional demands on your time.  In the event of the death of your spouse, daily activities such as navigating school drop-offs may conflict with meeting a business prospect for coffee, or soccer and dance practices could be on the other side of town where you need to deliver a contract.  Managing the schedule of an active family is a full-time job.  Combine that with building and growing a successful business and it might seem downright impossible at times.

Who is your family’s CEO (Chief Everything Officer)?

Most successful business owners have key people around them who handle functions that are essential to the successful operations of the business.  Perhaps you do too.

A spouse is as much a key to the success of your business as your Head of Sales or Operations Manager.  Think about how your business would be impacted if your spouse were to die unexpectedly.

Who would?

  • Drop of the kids at the bus stop or school
  • Attend parent/teacher conferences
  • Pick up your daughter early from school because she is sick
  • Take your son the baseball glove he forgot to bring to practice
  • Clean the house
  • Buy groceries

The importance of income replacement

According to salary.com, the annual value of the tasks that an average stay-at-home mom performs every day is $118,905.  Ask yourself these questions:

  • Who would perform those tasks if my spouse were to die unexpectedly?
  • How much time would I need to take off from my business?
  • If I have less time to perform my role in my business, what would that mean to my income?

Life insurance protection for a stay-at-home spouse can help ensure that financial resources are available to meet the additional demands you would encounter at home due to the death of your spouse.  Let this serve as a reminder to review the amount of life insurance protection you have on the key people in your life, as well as yourself.