As a financial planner, I recommend life insurance to people in 5 situations - Business Insider

are considered small businesses. If you are fortunate enough to own or work at a successful one, life insurance might be an essential tool to protect the viability of your company even after your death.

Using life insurance as a tool for business succession and/or retirement has a lot of advantages. Insurance premiums are often a tax deduction to the employer, and if your business is doing really well, employers are able to implement these strategies on top of other tax-favored vehicles like company retirement plans. long-term care insurance

Annual premiums are locked in, medical underwriting can be less rigid than traditional long-term care insurance, and some policies still offer a cash indemnity option. to serve two purposes, it is best practice for you to use it for either life insurance coverage or long-term care protection. Using it for the latter means it should address those expenses and the death benefit is just a bonus.

But be warned: This should only be considered once you've exhausted all other tax-favored investment vehicles. The internal cost of insurance policies can be high thanks to administration fees and mortality and expense risk charges, and some people may be better suited directing money they would have paid on premiums to something like a low-cost, diversified portfolio in a brokerage account.

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