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Why Life Insurance is a must for entrepreneurs

May 16, 2018 1526

According to LIMRA's Life Insurance Barometer study, 41 per cent of business owners and individuals do not have life insurance. This means they haven't earmarked necessary funds to either support their business, employees or their loved ones in the event of sudden death or disability.

While entrepreneurs work with a mindset and uniqueness that is different from other workers, it becomes equally important for them to be born persistent and disciplined in their life. Though you may have the backing of investors and others while setting up your business, in all likelihood, as an entrepreneur, you are also at risk of unforeseen circumstances. If you don't have an insurance cover that will help you sail through tough times, or at least be a support to your family at the time of your sudden death or disability, you as the founder and maker of the brand could derail your company's progress. This could result in bankruptcy, lead to layoffs and possibly even collapse your business itself.

At the outset, you may neglect securing yourself thinking your budget is a constraint. This constraint becomes a never-ending list. Thinking of the unexpected is the last thing to do however, anticipating it in advance and thereby working towards it is a sign of a good businessman. Come to think from a business perspective, buying a life insurance that protects your company from a financial loss, liabilities or instability in the case of death. It can also be your support through turbulent times by maintaining cash flow and keeping your operations running.

Buying a life insurance plans that fits the scope of your business, your level of debt and your future, entrepreneurs should seek help if need be because not knowing the right information can lead to buying inadequate cover. With technology and internet becoming a daily staple, entrepreneurs can calculate their premiums online and decide the insurance that will fit their overall requirements easily. It is not just the premiums, but your business valuation data, insurance trends and the best practices of an industry -- that you can seek to get a full report.
So, instead of procrastinating on insurance, start acting at the earliest. HDFCLife has an array of online plans that can help you in times of need and be a big support to your loved ones in your absence. The Click 2 Protect Life is a holistic term insurance plan that protects your against the 3 Ds- death, disability and disease. It gives you the option to choose from 9 different plans that you can add to the existing plan and use it as per your requirement. There are also critical illness insurance plans, ULIP plans and cancer care protection plans -- among other online plans to choose from.

Take a step towards a secured life, one step at a time.

Francis Rodrigues

Written By:

Vishal Subharwal

Reviewed By:

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