Your life is an asset, just like a car, a home, or a business. When you lose it, you lose it unless you buy insurance to replace the value.
You have the option to buy family lifestyle protection life insurance to assure your kids and spouse needs are met and business life insurance to protect the business viability.
If you want to protect the ones you love, you buy the insurance before you need it because if you wait until you do need it, it is too late. House, car and farm insurance works that way too.
Another reality about life insurance; whatever amount you buy, you’ll be wrong. For example: If you buy what you need if you die today and you don’t die for 20 years, you may have too little. If you buy what you’ll need to protect your expanded lifestyle 20 years from now, and you die tomorrow, you may have too much.
The answer is to review your needs and wants whenever a big change comes about.
For example: marriage, baby, business acquisition.
Once you understand your wants and needs, you can adjust the purchase based on your budget.
Be sure to seek advice and purchase insurance from those who understand your business!