Who’s taking care of your Business while you’re taking care of Yourself?

Posted by:

Share on Facebook0Share on Google+0Tweet about this on TwitterShare on LinkedIn0

Getting sick isn’t something most of us think about. . . until an unplanned illness strikes like cancer or a heart attack. Today, thanks to medical advances and healthier living, we recover and get on with life.

Fortunately we recover, but the business may not, UNLESS. the business owner had a critical illness insurance policy to protect the business, their personal lifestyle and recovery costs. For the business owner, this can be especially difficult because the business that pays everyday living expenses may be at risk if the owner couldn’t work. Critical Illness insurance helps finance solutions, tax-free, that ensure the business can continue without the owner during the recovery.

Think about it. If you had a heart attack today or a breast cancer diagnosis and couldn’t work for six months or a year, would your business continue to thrive without you?

The example following shows how a cash benefit from a critical illness insurance policy can make all the difference. It would have allowed Bob to return to a financially sound business when he was back on his feet.

Before his heart attack, Bob had been taking a salary of $120,000 a year from the business, which he needed to pay his personal expenses. Because he wasn’t able to work for six months, he was faced with additional business expenses that he hadn’t planned for. Here’s what happened to his financial picture. With Bob away, costs went up and sales revenues went down. The business didn’t have the financial resources to continue and it collapsed leaving Bob’s personal finances in chaos, too. Bob could have bought a critical illness insurance policy to cover these additional costs. The money would have let him recover in peace without the stress of worrying about his business and personal finances.

I can’t promise you’ll never need it. But if you do, you will have peace of mind knowing you have the financial support to focus on what really matters … getting better.

Share on Facebook0Share on Google+0Tweet about this on TwitterShare on LinkedIn0
Barbara Fuller

About the Author:

Barbara Fuller (CFP, CPCA) takes pride in building, life-long relationships with her clients, to meet their small business and individual financial planning insurance needs and to help them achieve their goals. She has been involved in the area of Financial Planning and Protection for the past 20 plus years and started her own company working as an independent broker in Oakville. Her commitment is ongoing education to keep her updated on current trends in the ever-changing insurance and investment world. Barbara can be reached by email or 905-847-1592.

  Related Posts

Add a Comment