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“Not having adequate life cover when self-employed can result in your family being left in a big pile of debt in the unfortunate event that you pass away,” cautions Lee Bromfield, CEO of FNB Life. “Even if you had life cover in your personal capacity before starting out, it may still not be enough to cover both the financial needs of your family and business related expenses, regardless of how small your operation may be,” says Bromfield.For instance, in a situation where a deceased was a sole trader and married in community of property, the surviving spouse would be left to deal with a lot of administration. This would include estate administration costs, debt obligations, legal fees, and cash flow issues. All this while deciding the fate of the business, amongst other expenses.
CLICK BELOW to apply for affordable life insurance online. “Do not let a good intention to be financially independent end up being a huge debt burden on your loved ones, by not having adequate life insurance cover,” he concludes.