Deciding to look for the best term life insurance quotes isn’t a casual decision. It’s one that you make because the people who matter most in your life will still need you well into the future.
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If you have loved ones relying on you, we know that you don’t want your care for them to end when you pass away. Regardless of the turn that your life story may take, you want to know that your loved ones won’t have financial uncertainty after you’re gone.
Here’s how Elizabeth’s decision to buy life insurance played out in her mind.
Term Life Insurance for Business and Family: Elizabeth’s Story
Like many startup founders, Elizabeth had saved for years before launching her farm-to-table grocery delivery business. She started the company with her younger sister Ellie, who had just graduated from college, and her best friend, Amy.
Elizabeth had taken on a small business loan to get started, using her credit cards to finance many of their day-to-day expenses. Meanwhile, Amy, who was a veteran of the grocery business and a busy new mother, brought her expertise. She had taught Elizabeth how to select the right vendors and plan a long-term growth strategy. Her unique contributions made her essential to the business running smoothly.
» Learn more: Protecting Your Small Business Loan with Life Insurance
During her maternity leave, Elizabeth paid Amy her full salary, even though she only worked part-time. She had already devoted more than a year, unpaid, to launch their company and Elizabeth felt that it was worth taking out an additional loan to repay her.
Amy had suffered financially because of her commitment to their company. Her husband made up for their lack of income by taking on a part-time job, but they had accrued significant credit card debt to make ends meet during that first lean year of building the business.
They were dependent on Amy’s salary during her time off to stay afloat.
During that time, Ellie also depended on Elizabeth to make her student loan payments while she worked full-time without salary.
She shared Elizabeth’s apartment as she handled deliveries and logistics for the growing company. With the time Ellie spent working on-site with Elizabeth and her extra hours traveling to meet with vendors, it was impossible for Ellie to take on even a part-time job to generate additional income.
Her sister had to support her until the business became profitable enough to offer her a full-time salary.
Elizabeth’s sense of urgency in finding the right term life insurance quotes was based one glaring fact: both of her business partners depended on her financially—and would conceivably continue to do so until the business took off.
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Finding the Right Term Life Insurance Quotes: Important Questions
Elizabeth already knew that term life insurance was a good fit for her. It was affordable, and