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If you are the owner of both business and personal assets, how much would your family sue for if you were to die in an accident?
Naturally you will want to ensure that all liabilities such as mortgages and loans are paid for but presumably the family will also require an income for the rest of – what would have been your lifetime?
Whatever the combination of these amounts are – that should be the amount of life insurance you should be insured for.
If you are able to determine the right level of insurance cover, that is the first step towards protecting your family properly.
Chances are however, you may like 90% of all business owners incorrectly sup up the policy. A poorly arranged protection means that you will be paying good money for less than full benefits of the policy.
Don’t be too concerned as in recent years the cost of life insurance and other forms of protection have dropped significantly, so often you are able to re-arrange your protection arrangements for a lot less than your current arrangements.
The point is – are you paying too much for too little protection?
Contact our Professional Financial Advice Service if you need help arranging the correct level of protection for you and your family.