Famous Business Owners Who Used Life Insurance to Start Their Companies D

Did you know that these well known business owners all used life insurance to raise capital to start or grow their businesses? Life insurance policies can be used as collateral for loans, and the cash value can be used to pay off debts or fund future projects. Check out the list below to learn more.

• 1. Henry Ford used life insurance to secure loans to finance the early stages of the Ford Motor Company.
• 2. Eugene Meyer, who used life insurance to finance the purchase of his newspaper The Washington Post. 
• 3. Walt Disney used life insurance to secure loans to finance the early stages of the Walt Disney Company.
• 4. John D. Rockefeller used life insurance to create The Rockefeller Foundation that would support philanthropic causes after his death.
• 5. Andrew Carnegie used life insurance to create a foundation that would support educational and scientific causes after his death known as the The Carnegie Corporation of New York.
• 6. Dave Thomas used a $1,000 life insurance policy to start Wendy’s.
• 7. Sam Walton, the founder of Walmart, used a $20,000 life insurance policy to start his first store.
• 8. Mary Kay Ash, the founder of Mary Kay Cosmetics, used a $5,000 life insurance policy to start her business.
• 9. J.C. Penney, the founder of JCPenney stores, used a $10,000 life insurance policy to start his first store.
• 10. Warren Buffett used life insurance to start his company by buying a small textile company called Berkshire Hathaway in 1965. He then used the company's cash flow to buy other businesses, including insurance companies. 

Life insurance can be a great way to start a business because it provides a source of funding that can be used to cover expenses such as rent, inventory, and marketing. It can also provide peace of mind to business owners, knowing that their families will be taken care of financially if something happens to them.

Contact our licensed insurance specialists today for a free life insurance consultation.