Protecting the family while the practice is still growing

Situation:

A 42-year old accountant opened an independent practice and was building her book of clients. Income was limited until her practice gained momentum, which put the family in potential financial danger. Her husband was concerned that, if something unexpected happened to her, the business had almost no current value and he was not qualified to take over operations. That would leave him and their two children at substantial financial risk.

 

Action Steps:

The client’s commercial insurance agent introduced her to Grant, Hinkle & Jacobs. We helped them design, underwrite, and fund a permanent insurance policy on her life.

The death benefit protects her husband and children, no matter when her death occurs. The cash value will grow and can be used to provide tax-favored income in the future, if needed. Plus, the policy included a long-term care benefit to assist with her potential healthcare needs.

 

Results:

Now that they are protected, the entire family feels much more confident and supportive of the client taking on the risk of starting her own practice.