Small Business Liability Insurance

Business Owner Insurance
Kelly Conklin, NJ Business Owner, Testifies to House Ways & Means Committee on Health Care

Is term life insurance or whole life better for a 35 year old married business owner with one dependent?

Just trying to weigh the benefits….

Defunct: Anyone that gives you a definate answer on the limited information you provided (such as the Gaythiest’s answer) is either a liar or misinformed. Avoid these people at all costs…they’re just trying to push product on you and don’t care if it’s right for you or not.

In order to determine WHAT you need, it’s important to figure out WHY you need it. What exactly are you trying to protect? Term insurance is what you need if it’s a short term need, like making sure debts are paid out (debts will be paid off eventually, so the need will be gone after a while), making sure the kids get through school/food on the table for them (eventually when the kids are old enough, they can fend for themselves so the need for insurance is no longer there). Whole Life is there for the needs that will never go away, like if you want the business to stay in your family together whole life will be there to buy out the other partners upon your death, whether it’s tomorrow or 50 years from now. It’s also used for the things like funeral expenses, estate and other taxes (also important if you’re passing the business to someone) or charitable giving.

Figure out what exactly it is that you want to protect against and that should help determine the product. If the need will go away within 20-25 years, go with term (select the term that will last as long as the need, whether it’s 10 year or 30 year). If it’s a need that will not go away within 25 years, go with whole life. Sometimes people will have a combination of both insurances in various amounts.

Here are some of the pro’s and con’s of each:

Term Pro’s: cheapest form of insurance in the short term, can be converted to whole life up to a certain point (if you are dealing with a good company)
Term Con’s: eventually will go up in price when the term expires (in the older years it will be litterally hundreds of dollars a month), eventually will get cancelled by the company (typically at age 85), if you or the insurance company cancells it you get nothing in return.

W.L. Pro’s: NEVER expires. Premiums are level and won’t go up (with most policies). In the long run it’s the cheapest form of insurance. Some have the option to pay only for a limited number or years, then you keep the insurance. The insurance company won’t cancel it. If you cancel it, you get some money back (the cash value). you can use the cash value like equity in a home…borrow against it to do whatever you want with.
W.L. Con’s: It’s a little more expensive in the short term.

There are a lot more pro’s to whole life, than term insurance, but look at it like buying a car. there are a lot more pro’s to buying a Hummer or a Lexus, than buying a KIA. What you need to do is take a look and see what you really need and what you are just over paying for just becuase it’s there.

Gaythiest: Question for you: How does only term insurance fill this persons need? FYI, you nor I know anything about what the need is, so I would ask you to put it in writing, to justify your ignorant response with some fact showing how you came to that answer. Each product has a specific need and should be used accordingly, there is no “one size fits all” answer in the real world. Also, while we’re talking about gaurantees, I’d love to see you put something in writting about the gaurantee on a mutual fund or the S & P 500. Anyone with even a basic knowledge of the markets knows that there is no gaurantee with mutual funds. If you’re going to trash talk whole life as an investment you better bring your “A” game and have real facts rather than some marketing fluff that some guy on TV spouts off.

How To Get Cheap Home Owner Insurance Multi-line Quotes

Buying a home owner insurance policy, although not always necessary, prudent and responsible. You are not just protect your home and possessions in their contents, you are also protecting the financial security of your family. If someone is on your property or in your Building injured, your landlord insurance policy covers your liability as such that you pay for damages out of pocket.

You are probably aware of the different Steps you take in order to save money on your landlord insurance. But apart from storing your valuables in a bank, installing safety devices, and the necessary repairs in your apartment, you can also cite a home owner insurance multi-line.

In the insurance business is a multi-line cite more than one insurance quote for two different people from the same insurance company insures his. For example, if you already have a car insurance policy from an insurance company that also offers homeowners insurance, you can buy your homeowners insurance quote and policy from the same company. This would be a multi-line insurance.

So, how to save money on a homeowners insurance by citing a multi-line? It's easy – Insurance Companies usually offer discounts on insurance quotes for policyholders who have not only a form of insurance from them, but you get two or more species of insurance policies from them.

Another bonus is to get a home owners insurance multi-line offer, you will do business with a well-known insurance company. Maybe you'll even have the same insurance agent. Think about it – this agent knows you, knows your financial situation and your needs known. Sounds not that attractive as the search for a different insurance company, you must be familiar with all over again? Add to save money in the mix, and you will off to quote you to be home owners get multi-line insurance.