Some families choose both a term policy and a permanent one to satisfy different needs, says Vince Pallitto, a certified financial planner and certified public accountant with Summit Asset Management in Florham Park, N.J. "A young couple with two young children and a $300,000 mortgage may need a $500,000 permanent policy that will be in place to age 100, and a $1 million 25- or 30-year term policy to protect the family while the mortgage balance is high and the kids are young," Pallitto says. Barbour uses both kinds of policies for her husband and three children, 15, 13 and 6. She says she hopes the policies would pay current living expenses for the family, and more. "I also hope that they would be able to attend college and continue to operate the businesses that I have started," Barbour says. Your life insurance for business owners in Calgary business: Business owners need insurance for similar reasons: income replacement and to protect the future of the company. If a partner, owner or key employee is suddenly gone, the business can deteriorate very quickly. With the right insurance in place, the surviving business partners will have enough capital to keep the business going while looking for a replacement for the deceased partner, or to buy out the heirs of the deceased partner. "If a person plans on being active until death and the business really depends on that person, permanent insurance should probably be used, although it will be much more costly," McClanahan says. Term insurance can work in the event key members of the business, who, for example, generate most of the income for the company, die. The time frame for the insurance could be linked to the key person's expected retirement date.
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