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TSB Money Matters

The Entrepreneur’s Guide to Leveraging Life Insurance for Legacy Building

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Join me, Ally Houghton, as I explore the often-neglected fortress of life insurance with experts Joe Scurio and Wayne Demers. Together, we dissect the intricacies of protecting your business’s future and the livelihoods that depend on it. We kick off with a deep dive into the world of buy-sell agreements, revealing how these can be the lifeline for a business in navigating the stormy seas of an owner’s untimely death. Joe offers an eye-opening perspective on the hurdles of loan procurement in such scenarios, while Wayne champions term life insurance as a beacon of strategic financial security.

Peering into the often-overlooked niche of small businesses, our conversation shifts to the pivotal role of business expense disability insurance and the lifelines it provides. I unveil the less talked about side of disability—how medical advancements have altered the landscape of work absences—underscoring the undeniable need for comprehensive insurance planning. We wade into the waters of loan approvals, emphasizing the importance of adequate coverage, and the role key person insurance plays in this delicate dance, particularly when SBA loans enter the picture.

Bringing our chat to a close, we reflect on the safeguarding power of early insurance planning. We unpack the myriad advantages of securing insurance sooner rather than later, considering the harsh realities that can befall those who wait. The conversation culminates with a focus on the ripple effects of offering group benefits, how these can be a magnet for top talent, and the profound impact they have on families during life’s most unexpected moments. Our insights are more than just advice—they’re a clarion call to entrepreneurs to fortify their legacies with the compassionate and strategic use of life insurance.

The TSB Money Matter Podcast is produced by The Savings Bank, a community bank headquartered in Wakefield, Massachusetts. The information presented is for informational purposes and should not be considered financial, legal or tax advice. Consult with a banker or financial advisor about your personal or business finances.

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