Mixing Family and Business; An Importnt Life Insurance Question

How late is too late?

Reader Question: How late is too late to get life insurance?

It’s pretty easy to get term life insurance – the only kind of life insurance I recommend – up until around age 70. Depending on your overall health situation, there are a few affordable policies available past that point. But once you get into your seventies and beyond it can be difficult to find reasonably priced coverage. I recommend that most people have 10 to 12 times their annual income wrapped up in a good, level term life insurance policy.

 

Family and Business

Reader Question: My husband and I own a small business. One of our relatives asked for a job recently, and we have reservations about hiring him because there are several dysfunctional relationships within our extended family. Are we being mean?

Having a small business doesn’t give relatives a free pass to employment. As entrepreneurs, you have the right and responsibility to do what’s best for your company.

Ask yourself a few questions: Would you hire this person if they weren’t part of the family? Would you hire this person because they would make a good team member? If the answers are no, then you don’t hire them — period.

Dave Ramsey

Dave is the author of The New York Times best-selling book Financial Peace. He is also the host of the nationally syndicated The Dave Ramsey Show, and is a regular guest on television. All of his financial counseling is based on biblical truths. You can hear Dave from 9 a.m. to 11 a.m., weekdays online at www.daveramsey.com. Send your questions toaskdave@daveramsey.com. He resides with his wife Sharon and their three children, Denise, Rachel, and Daniel, in Nashville, Tennessee.

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