I have been in the consulting space for almost nine years now. Five and half years ago, taking the full leap into entrepreneurship was a fantastic personal and professional learning experience.
As I developed my business, I had to learn each aspect of the business until I could bring on contractors to support the growth of my company. With the support of mentors, incubators, online learning, certification programs, networks, and more, I have been exposed to the best of the best in industry experts while scaling Modern Creatif.
One growth opportunity that has been a phenomenal source of information for expanding the growth of my personal and business goals is life insurance. I started learning more about life insurance when I became the CMO of GAMSG I became so fascinated with the power of life insurance that I even obtained my Life & Health license.
As entrepreneurs, we hear a lot about start-up capital, funding, loans, bootstrapping, etc. However, we don't realize that we have access to resources that support growth and protection.
The insurance industry offers a variety of products from many carriers for growth and protection. This bounty of resources is amazing. Here are a few ways that you can leverage life insurance as an entrepreneur:
Term Life Insurance- Some policies have critical illness riders so that if you were to become critically ill, your family would not be left stuck with large medical bills.
Term Life Insurance-If you own a home, purchase a term policy for at least the cost of your mortgage. This will allow your family to pay your house off if you pass away.
Buy/Sell Agreements for your Business- This life policy offers liquidity if an owner or partner decides to leave (retire or exit the business) or has died. The remaining partners can then buy out the shares of the other owner and maintain the company's stability. Succession planning is vital!
Whole Life Insurance- This allows you to build cash value and borrow from yourself. It also has a death benefit. This is sometimes referred to as "Build Your Own Bank" because it provides you with the opportunity to borrow from your cash value.
Index Universal Life- Indexed universal life (IUL) insurance lets the policyholder decide how much cash value to assign to either a fixed account or an equity-indexed account. IUL insurance policies offer the possibility of cash accumulation while still providing a death benefit. This is a great tool to save money for retirement that you can borrow from tax-free. This is oftentimes referred to as “Tax-Free Retirement.”
There are many more resources that we can discuss based on your business and life goals.
The benefit of developing a strategy with me is that I have built a business and helped many entrepreneurs scale their businesses.
I understand what entrepreneurs and their teams need. If you would like to discuss ways to protect yourself, your family, and your business, book a call with me with this link https://calendly.com/miagamsg/30-min-call?month=2021-10