Jan 28, 2021
In episode 331 of Financially Simple, Justin looks at how much Life Insurance a Business Owner actually needs.
As a business owner, there are a lot of "What If?" scenarios, one of which is, "What if I die, will my family be taken care of?" In this episode, Justin goes over how to calculate how much life insurance you should need in order to cover the living costs of your family, as well as factoring in outstanding debts and loans on your business and a few common mistakes business owners make when taking out insurance.
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00:45 - How Much Life Insurance Does a Business Owner Need
03:09 - Personal Factors
06:38 - Factorig in Debt
07:59 - What Matters
10:43 - A Common Mistake
13:37 - Summary
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Host Justin Goodbread, Certified Financial Planner, Certified Exit Planning Advisor, Certified Value Growth Advisor. He is a serial entrepreneur, author, speaker, educator, Investopedia Top 100 advisor, and business strategist with over 20 years of experience. Justin owns Heritage Investors LLC, a registered investment adviser with the State of Tennessee. Heritage Investors only transacts business in states where it is properly registered or is excluded or exempted from registration requirements. This material is for general information only and is not intended to provide specific advice or recommendations for individuals. To determine what is appropriate for you, please consult a qualified professional. The Financially Simple podcast provides information, guidance, and support to Small Businesses in the United States.