Life insurance is a necessary evil when you own a business. Even if you aren’t personally involved in the day-to-day running of your company, the loss of income from a third party can seriously affect your financial situation. You need to have enough life insurance in place to protect your family and other loved ones should something happen to you.

However, choosing the right life insurance for your business can be challenging. If you are unsure about how much coverage you need, or how much it will cost, we can help! We offer a range of services to help businesses buy the right life insurance for their key personnel. This article explains what life insurance is, different types of life insurance and how to choose the right policy for your business.

What is life insurance?

Life insurance is a form of insurance that protects against the possibility of death. This can be a legal or contractual promise to pay out a certain amount if you die. Whether you choose to purchase the insurance or not is up to you and your business. Some people choose to purchase life insurance to help ease the financial effects of a major illness, or to cover the cost of a funeral.

Others choose to purchase it because they want to help protect their dependents should something happen to them.