How Much Life Insurance Does a Business Owner Need?

As a business owner, there are a lot of “What If?” scenarios, one of which is, “What if I die, will my family be taken care of?” In this episode, Justin goes over how to calculate how much life insurance you should need in order to cover the living costs of your family, as well as factoring in outstanding debts and loans on your business and a few common mistakes business owners make when taking out insurance.

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1. How Much Life Insurance Does a Business Owner Need

2. Personal Factors

3. Factoring in Debt

4. What Matters

5. A Common Mistake

6. Summary


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Justin A. Goodbread, CFP®, CEPA®, CVGA®, owner of, is a nationally recognized financial planner, financial educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience starting, buying, owning, and selling businesses. Winner of the Investopedia Top 100 Advisor award and Exit Planning Institute’s Exit Planner Leader of the Year.

Host Justin Goodbread, Certified Financial Planner, Certified Exit Planning Advisor, Certified Value Growth Advisor. He is a serial entrepreneur, author, speaker, educator, Investopedia Top 100 advisor, and business strategist with over 20 years of experience. Justin owns Heritage Investors LLC, a registered investment adviser with the State of Tennessee. Heritage Investors only transacts business in states where it is properly registered or is excluded or exempted from registration requirements. This material is for general information only and is not intended to provide specific advice or recommendations for individuals. To determine what is appropriate for you, please consult a qualified professional. The Financially Simple podcast provides information, guidance, and support to Small Businesses in the United States.

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