Both of these world famous companies and brands are companies that were started or saved by life insurance!
Life insurance can be a valuable tool for entrepreneurs and small business owners. In addition to providing financial security for loved ones in the event of death, life insurance can also be used to start or save entire companies by using it as a source of capital.
Here are a few examples of companies that were started or saved by using life insurance:
Walt Disney was unable to secure a large enough bank loan to build Disneyland. However, he was able to borrow against the cash value of his life insurance policy to finance the project. Disneyland opened in 1955 and quickly became a success. Today, The Walt Disney Company is one of the most valuable brands in the world.
When Ray Kroc bought out the McDonald brothers, he used cash value from his two life insurance policies to cover the salaries of key employees and pay for marketing campaigns. The franchise has since grown to over 37,000 stores in over 100 countries.
These are just a few examples of how life insurance can be used to start or save a business. If you are an entrepreneur, life insurance may be a valuable tool for you to consider.
How Life Insurance Can Help Entrepreneurs
One of the ways families have built generational wealth over the last 100 years is by starting a business. Most start out as small businesses. The path of an entrepreneur is one with ups and downs. The opportunity to be a success is attainable more now than any other time in history due to technological advances. One often missed ingredient to a successful entrepreneur's recipe for success is life insurance. Life insurance can help entrepreneurs in a number of ways, including:
Access to capital
Life insurance can provide entrepreneurs with access to capital to start or grow their businesses. This can be done by borrowing against the cash value of a life insurance policy or by selling a life insurance policy for its cash value.
Life insurance can provide entrepreneurs with financial security in the event of their death. This can help to ensure that their families are financially secure and that their businesses can continue to operate.
Life insurance can provide entrepreneurs with tax benefits. For example, the death benefit of a life insurance policy is typically not subject to income tax.
If you are an entrepreneur, life insurance may be a valuable tool for you to consider. It can provide you with access to capital, financial security, and tax benefits. Talk with an agent today and learn how you can start builing generational wealth today.