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Life Insurance for Business owners

Personal life insurance can be a very useful asset for your business. For example when a business owner needs to get additional credit necessary to expand his business, bankers can become very skeptical because they know that many business owners live balancing income and expenses on a thin margin. So, when you apply for a business loan it would be great to list life insurance and its cash value of say $100,000 as an asset.

Cash value in a life insurance policy can be used as collateral for a loan, or you can get a policy loan from an insurance company and use it as your own in-house line of credit.