Life insurance is a crucial tool for career college owners, offering financial protection for their families and ensuring the continuity of their business. This insurance provides a lump-sum payment to beneficiaries upon the policyholder’s death, helping to cover expenses such as death taxes, debts, and living costs. For college owners, life insurance can also facilitate a smooth transition of ownership by funding buy-sell agreements or succession plans. This ensures that the college remains operational and that the financial burden on surviving family members is minimized. When selecting a life insurance policy, consider factors such as the value of the business, outstanding liabilities, and personal financial needs. Term life insurance offers coverage for a specific period, while whole life insurance provides lifelong protection with an investment component. Regularly review and update your policy to reflect changes in your business and personal circumstances. By securing adequate life insurance, you safeguard your family’s financial future and preserve the legacy and continuity of your career college.

NACC has partnered with HUB Insurance to provide a one-stop-shop for Commercial Insurance, Employee and Student Benefits, Group Retirement, Surety and Personal Insurance.  To discuss your college’s unique needs please complete the form found here: HUB Inquiry Form