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 explains 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 - Factoring in Debt
07:59 - What Matters?
10:43 - A Common Mistake
13:37 - Summary
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Justin A. Goodbread, CFP®, CEPA,
CVGA, is a nationally recognized financial planner, business
educator, wealth manager, author, speaker, and entrepreneur. He has
20+ years of experience teaching small business owners how to
start, buy, grow, and sell businesses. He is a multi-year recipient
of the Investopedia Top 100 Advisor and 2018 Exit Planning
Institute’s Exit Planner Leader of the Year.
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