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Do you need life insurance?

At PKIG, one of our main goals is to simplify insurance concepts as much as possible for our clients. There are a LOT of reasons to purchase life insurance and a LOT of different kinds of policies. It can be very confusing.

Some of these reasons are for more sophisticated concepts such as estate or retirement planning. PKIG can help with nearly any type of scenario.

That said, the key question to determine whether you need life insurance or not is would your death result in financial strain for another person? If the answer is yes in any capacity, you likely need life insurance of some sort.

You might think the process to qualify and purchase a policy is invasive and challenging but that’s not the case. In fact, you can buy a policy online without a medical exam or phone interview in just a few minutes. Just click here to try it out.

If you’re not quite ready to pull the trigger and need a more detailed consultation, please call us at (248) 682-7445 or email info@pkig.com today.

How To Avoid Six Situations That Can Destroy A Business

1. “I KNOW WHAT MY BUSINESS IS WORTH”
•Have you ever had your company value appraised by an outside resource?
•Has that appraisal been done within the last three years?
•Do you have a Buy/Sell agreement? •Is it funded?
•Has it been reviewed within the last three years?
•Do you know where your Buy/Sell agreement is kept?

2. “I’M TOO BUSY RUNNING THE COMPANY”
•Do you have a will? •A trust?
•Is it up to date?
•Do you have a plan to retain key employees if something happens to?
•Has your Trust & Estate Plan been reviewed in the last three years?
•Have you identified and written down your trusted advisors?

3. “THAT’LL NEVER HAPPEN TO ME”
•Do you have a succession plan in place?
•Have you involved both key employees and family members in your succession planning?
•Does your succession plan have a provision for disability?
•Have you identified or written down who you want to run the company?
•Do you have disability buy-sell overhead expense coverage?

4. “THERE’S PLENTY OF TIME FOR THAT”
•Do you know when you want to retire? •How much income will you need?
•Do you want to be running the company full-time, five years from today?
•Do you know how much control in the business you must maintain in order to secure your retirement income?
•Have you explored financing opportunities for key employees to buy the company in the future?

5. “MY BUSINESS IS MY RETIREMENT”
•Do you have a retirement vehicle other than your business?
•Is 25% or less of your business assets a part of your retirement plan?
•Will your retirement funding come from more than four sources?
•Have you had your retirement income projected/analyzed to identify shortfalls?
•In the past year, have you spent more than one hour planning for retirement?

6. “YOU CAN’T BEAT UNCLE SAM”
•Do you have a TEAM of financial advisors working with you?
•Are you proactively planning to deal with changes in the tax laws?
•Will any sources of your retirement income be received tax free?

Questions? Concerns? Call Owen Rosen at (248) 682-7445 today or email owen@philkleininsurance.com

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