Whole Life Policies on a Keyman or Loved One
In this webinar, we talk with Kristin Colca, a 100 Year REI Professional about two types of business insurance that real estate investors need: Buy/Sell Agreements and Keyman Insurance. We also talk about the reasons you may consider purchasing a policy on your spouse, children, or even your parents.“Many people wish they started sooner. Almost nobody wishes they started later.” – James Clear
When most of us think about purchasing life insurance, it centers around protecting our loved ones from being financially burdened if something were to happen to us. But, there’s much more to consider for those of us that are investing in real estate, either with a partner, with key employees, or even have family members that will eventually inherit our real estate holdings. In these cases, it could make sense to purchase a life insurance policy on another person.
Key Insights From This Episode:
– Buy/Sell Agreements allow you to buy out the beneficiary interest in the business using life insurance proceeds.
– Keyman insurance protects your business from loss resulting from the death of an employee who would be costly to replace.
– Insuring your spouse, even if they are not the breadwinner in your household, is an important way to protect your family.
– A policy on your kids can help you teach your children financial responsibility at a young age, by using their policies to finance their first car, pay for education expenses, or invest their first real estate deal.
- A policy on your parents: If your parents do not have policies of their own, owning a policy on them could help you with the future financial burden of medical expenses or end of life expenses.
Listen to the full episode to learn more.
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Let us show you how a whole life insurance policy, specially-designed by our team, can help build and protect your real estate investing business.
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