March 21, 2008

Disability Insurance for Business Owners

If you are a business owner, the potential of a disability poses multiple threats:

Keeping a roof over you and your family's heads - How long could the business continue to pay your personal salary? Individual Disability Income Insurance could help.

Keeping your business' doors open - How will you cover your business expenses if you aren't there to bring in income? Overhead Expense Insurance could help.

Keeping your investment intact - How will you get the funds to purchase a disabled co-owner's interest if he or she should become disabled? Disability Buy-Out Insurance could help.

If you have employees, could they afford to live without a paycheck? If you provide group long-term disability insurance, it provides a great foundation for employees' income protection. However, the benefits are typically 60% of earned income before taxes. Additional coverage may be necessary to provide complete protection. In addition, when just three or more individuals with a common employer* obtain individual disability income protection, all may be eligible to receive a premium discount - including you!

If becoming disabled may seem unlikely, the odds may surprise you. Nearly 1 in 5 Americans will become disabled for 1 year or more before the age of 65.

The other thing to keep in mind is that an accident or illness that keeps you out of work for a period of time can be very costly. That's because people who become disabled not only need to continue providing for loved ones, but for themselves as well. A disabling injury or illness could lead to medical bills, modifications to your car or home, or other unforeseen needs that can be quite expensive.

For all these reasons, almost anyone who works ­ whether they're single, married, with children or without ­ should consider disability income insurance.
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