Carrie, 35, and Sarah, 36, co-own a floral shop in Charlotte, North Carolina. After a few years of running the business from Carrie’s home, they’re excited about their new brick and mortar location. Both are married with kids.
Carrie and Sarah took out a $150,000 business loan to open their new storefront. As equal investors, they each play an important role in the success of their business.
If something happens to either of them, they want to make sure their dream business would be able to continue.
Carrie and Sarah knew life insurance was important and each purchased a $250,000 / 30-year Term Life Insurance policy.
The accelerated underwriting process was simple, without the hassle of any medical exams. Should either pass away, the payout would cover the business loan and allow the remaining partner to buy out the business.
We also recommended they add on the optional Critical Illness Benefit Rider. If Carrie or Sarah were to face a critical illness like cancer, heart attack, or stroke, a $100,000 lump-sum payment could be used (any way they wish) to help keep the business going.
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So to recap:
Carrie’s Rate Policy is based on a 35yr. old, Female, Standard Non-Tobacco for $33.50
Plus a Critical Illness Benefit Rider $51.33 for a total of only $84.83 a mo.
Sarah’s Rate Policy is based on a 36yr. old, Female, Standard Non-Tobacco for $35.67
Plus a Critical Illness Benefit Rider for $55.51 for a total of only $91.18 a mo.