Wisconsin Life Insurance Lawyer

 Who Should Consider Life Insurance?

1. Business Owners & Partners

   Life insurance is particularly useful in business frameworks, where 2 or more partners own a company together. If one partner were to die, or even a “key” employee, the life insurance policy would provide a payout to cover the fallout and financial loss from such a person’s passing. For example, in a business owned by 2 owners, the partners likely desire for their spouse and/or children to receive their share of the company’s equity upon their deaths. However, forcing the surviving partner to come up with enough cash to fully buyout half of the business’ fair market equity from the deceased partner’s family, without any warning or prior planning, could be catastrophic and ruin the business itself by liquidating too much of its cash and assets at once.

2.  Lenders

   Life insurance should also be engaged if you loan any person or entity a large amount of money, such as a private mortgage, promissory note, or other loan to your friends, family, or business associates. By insuring the debtor’s life, you as the lender will have more security that your money will actually be repaid, regardless of an unexpected death. Most banks and financial institutions engage life insurance of some sort for the majority of their loans – you should too!

3. High-Risk Professions or Health Conditions

   If you work in a high-risk job or have health issues that could affect your longevity, having life insurance can provide peace of mind.

4. Stay-at-Home Parents

   Even if you don’t earn a paycheck, life insurance can help cover the cost of childcare, household services, or other responsibilities if something were to happen to you.

5. Dependents

   If you have people who rely on your income, such as a spouse, children, or aging parents, life insurance can provide financial support for them in case of your untimely death.

6. Legacy Planners
   

   If you want to leave a legacy or cover future expenses like college tuition for your children, life insurance can help ensure those goals are met.