Why your startup should pass on Shark Tank

What if we told you that it’s routine for investors to require life insurance on the founders of a company before they will invest in it?  This is sometimes called key person insurance, specifically it’s a term life insurance policy with the company itself named as the beneficiary.

Now if you are wavering even just a little bit on your resolve to ignore life insurance we suggest you stop reading now.

The rationale for the request is that should a key person suddenly die, the business would either collapse or be so crippled that it would have to take a huge step back to reboot and rebuild.”

Careful now.  Whatever you do don’t see your household as it’s own sort of business that’s partially or entirely dependant on you.  Things will get weird.  You might start to feel obligations to protect the people at the dinner table as fiercely as a shark protects their bottom line. Better to just change the channel, see what the Kardashians are up to, we’ll guarantee it’s not sound financial planning.

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Based on information from the US Bureau of Labor Statistics, the value of work performed by the average stay at home parent is an annual salary of approximately $60,000 (Wages: and Time: Eligibility, insurability, underwriting criteria and other factors may also apply.

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