Life’s good. Business is flying, money is rolling in, friends are fawning, and the women are mobbing. Ah yes. It’s the good life for you entrepreneurs.

During times like these, did you notice how invincible you feel? It is like nothing can go wrong. Then bam! Murphy’s Law rains on your parade and you kick the bucket.

What happens? If you were the owner of the company, you just left a pile of legal wrangling for your officers and family member. Lot’s of questions arise:

“Who pays your debts?”

“Who pays the company’s debts?”

“How shall taxes and fees be handled?”

You’re dead but you left a nightmare for the living.

If you got any foresight and a heart for those you left behind, it’s always a good idea to take out key person life insurance. Also known as key person term insurance, you shield your company from liabilities because a third party pays for unfinished business. It’s like purchasing peace of mind!

I’m getting old, run multiple companies and just realized the value of life insurance for key persons when my businessman friend died just last week. The business was family owned and now, his poor wife is wringing her hands wondering where to source funds for business and personal debt.

Be safe. Always take insurance.