As a self-employed professional, one of the most fulfilling things about working for yourself is looking in the mirror and declaring: “I’m the boss.” You, and only you, are responsible for running the show.
That also means you are solely responsible for your retirement, too. And that can feel a lot less fulfilling and a lot more frightening.
At IntelliQuote, we’re here to tell you that planning for your retirement is a lot easier with a life insurance policy on your side. Let’s explore three ways a life insurance policy can keep your family in the black long after you have left your business.
1) Alternative to retirement savings: Many people believe their retirement saving is a lifeline that will keep them afloat for a decent amount of time. But if you own your own business and have a family, your loved ones may not be able to keep their heads above water for too long after you die. When a spouse dies, business income might dwindle, or just stop, leaving your family between a rock and a hard place. A life insurance policy can give your family money to keep them going for years to come.
2) Option to liquidate if you need fast access to cash: One thing you can count on in life is the unexpected, specifically unexpected emergencies. And when disaster strikes, you want to be as liquid as possible. Rather than rushing to cash in taxable funds that can take forever to become available and have penalties that might haunt you in your upcoming tax return, why not dip into the tax-exempt cash reserves within your life insurance policy?
3) Allows you to assign beneficiaries: What if you’ve run a successful business and you’ve done a great job of saving for retirement for a number of years, but you have no one to whom you can pass on your assets? Your life insurance can also double as a trust and you can list the beneficiaries that you wish to receive the fruits of your hard-earned labor, whether the recipients are members of your family or causes that you feel deeply about. Either way, you’ll ensure your legacy of success lives on for the next generation of ambitious entrepreneurs.
If you’re a self-employed professional, you may fret that saving for your eventual retirement is difficult, but life insurance is a great way for you to sock away additional money and give you options for where your money goes in the future.
Plan for tomorrow’s emergency today. Let IntelliQuote help you receive up to six life insurance quotes in just a few minutes. Learn more.