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Article: Protection Money: Business owners know they need life insurance, but they also need strategies to deploy it.
- Article from:
- Financial Planning
- Article date:
- May 1, 2008
- Author:
CopyrightCOPYRIGHT 2008 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Many small business owners envision building a company that provides a legacy for their families, but few actually do the planning to make such a dream a reality. Financial planners can cement their position as trusted advisors by starting conversations about a small business owner's succession plans and partnership agreements, which can lead to opportunities to recommend or make referrals for life insurance products.
Roughly three-quarters of small businesses say they are very dependent on one or two key people for their success and viability. Yet only 22% have key-person life insurance, according to a March 2007 survey by the National Association of Insurance ...