Life insurance is something a lot of people don't like to think about, but we've all heard stories about families that were ruined because there weren't enough assets when a breadwinner passed away prematurely and, alternatively, families that thrived because the reverse was true. Unfortunately, a life insurance plan isn't something we can put in place once - never to revisit. It should be reconsidered anytime there's a major life event such as a marriage, birth, death, divorce, or change of employment. Beneficiaries need to be updated and coverage amounts need to be reviewed.
Small businesses have another set of important needs and uses for life insurance.
A financial planner who offers comprehensive services should be assisting in these decisions as they are a very important part of a financial plan.
This task is one of those that will always seem important, but never urgent, until it's too late. So put it at the top of your todo list and give yourself a deadline. If you call to schedule an appointment now, in most circumstances, you can make all of the necessary changes by the end of the year.