Life Insurance for a Single Male with No Children/wife?

[catowned]

A friend of mine wants to buy a policy from me.
He has a small business that has taken off, really an amazing story!
I need some ideas/direction on what type of product to offer him. He is in his early 30s, no debt except for his mortgage which I think he will pay off soon.

 

[moonlightandmargaritas]

From the limited details presented, disability insurance would be a far better expenditure of his dollars.

 

[LGilmore]

While the flood gates may open against this, let me offer this idea. Participating Whole Life. It's what I did as a young man with no obligations to anyone. I looked at it as buying a piece of property that someday I may build on (by the way, I also bought property during that time.), that also built equity.

I also understood that if I were to die, single without debt, somebody would still have to take time to put my ass in the ground. I did not want my death to be a financial burden to my parents as well as an emotional one.

And I agree with moon, a DI policy or a business OH policy should also be in the mix.

 

[Mark]

He needs a D.I. or C.I. Plan.

 

[catowned]

Thanks for the replies!
What is a business OH policy?

 

[dgoldenz]

Thanks for the replies!
What is a business OH policy?

Business overhead expense.

 

[briko3]

it covers Overhead expenses if something were to happen to him.

 

[catowned]

Thank you! What does BO insurance fall under? (It's not life or health is it?)

 

[dgoldenz]

Thank you! What does BO insurance fall under? (It's not life or health is it?)

Disability

 

[arnguy]

Thank you! What does BO insurance fall under? (It's not life or health is it?)

It's a type of Disability insurance and is classified under health. If you have a health license you are good to go, at least in PA. It may be different in FL.