Family Business Succession; How is Term Life Insurance Like Wetting The Bed?
You may not have thought of the comparison, but it’s accurate. Term life insurance is like wetting the bed because it provides immediate relief, but sooner or later you are going to have to get up and do something about it.
Because term life insurance is pure protection, providing only a death benefit, it is like renting the coverage for as long as the policy lasts or as long as you pay the premium. If you die during that time, the policy will pay its death benefit.
However, as you get older you see that while the original reason you bought the policy has gone away, it has invariably been replaced by another reason, usually one with an even higher price tag and even more dire consequences if you do not have the cash to satisfy it.
There are lots of different bells and whistles insurance companies add to make their term insurance policies salable.
Click here to read why term insurance is like wetting the bed.
Recommended Reading
- Family Business Estate Planners Understand the Management Succession Planning Process
- Talent Management and Succession Planning
- Succession Planning. Interveiw with Harvey Weyman Jones
- Succession Planning Gone Right
- Management Succession Planning Blueprint (ebook)
