Life Insurance Cover is Critical
Life insurance cover is critical whilst building up your business empire. It needs to be an important part of your business plan and disaster cover contingency.
Protecting yourself and your key members of staff from death and sickness is equally as important as backing up your computers or insuring your car. When designing your business plan it must be included because if the worse case scenario does happen, like you loose a vital member of your company for example, it will seriously delay your exit from The Rat Race. Even worse still, if anything was to happen to you, just think about the people you are leaving behind and the potential financial mess you could leave.
I personally have £1 million worth of life insurance cover. Key members of my business have the same. And if anything should unfortunately happen to either member, the insurance will pay a lump sum into the businesses to ensure the turnover and profitable are unaffected, whilst recovering from the bad situation.
I also have additional personal policies whereby upon death my direct family get a lump sum which will enable them to be released from any secured debt or mortgages. Due to the fact I am constantly maximising equity this is vital in order it can be quickly paid off. The last thing I want my partner and son worrying about upon my death is debt!
If you are serious about building up multiple streams of passive income and eventually leaving The Rat Race then I urge you to purchase a life insurance policy today and the younger you start paying into a policy the cheaper it will be.
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