The most important asset in your business is you – the owner and entrepreneur. You keep things humming, and the money flowing in. So what happens if you get sick and need time to recover? Worse yet, what happens if you should die suddenly?
Money for Expenses if You Get Sick
There are ways to be prepared for extra medical expenses. For example, you can establish a health spending account or a private health service plan. But how do you cover extra expenses to keep your business running while you’re recovering? What about income for your family?
Critical Illness insurance is one answer. This insurance provides a lump-sum cash payment ranging from $25,000.00 to $2,000,000.00 depending on your policy. Most policies cover a range of illnesses including cancer and heart disease, as well as serious injuries.
Critical Illness benefits can be used for anything. If purchased for your business, your benefit payment can cover salaries, or pay for extra help while you recover. You may also get a personal Critical Illness policy, which would provide money for you and your family to use, in any way you see fit.
Protect Your Business and Family in the Worst-Case Scenario
It’s not something we like to think about, but unexpected death can happen to anyone. However, if you plan for the worst, at least the people you care about will have the resources they need to move forward.
This is why you need the right life insurance policy. There are different scenarios to consider, depending on your business. For example, if your incorporated business purchases the policy, the insurance benefit is paid to the company. Net proceeds from this payment can then flow into the capital dividend account tax free. From here, the funds can pass directly to your spouse or family.
Interested in learning more? Contact me for your free appointment. I’ll show you a range of options for protecting your business and family, at a price that suits your budget.