Family-Owned Business and Disability Insurance
Have you ever thought, Who should have disability insurance? If you run a family-owned business, it’s especially important. Not only do you employ family members, but what happens if one of them becomes disabled? Are you just going to stop paying them? You wouldn’t want to let a family member suffer, would you?
The good news is, with group long-term disability insurance, you can get guaranteed issue coverage. That means you don’t have to worry about health questions or individual underwriting, making it easier to ensure that your entire team, including family, is protected in case the unexpected happens. This not only safeguards your business, but it also brings peace of mind to all family members, knowing they’re covered no matter what.
Disability In the News: Jen Hale
February is American Heart Month ❤️—Are You Prepared for the Unexpected?
At just 38 years old, NFL sideline reporter Jen Hale was diagnosed with dilated cardiomyopathy, a serious heart condition that could have ended her career. She was young, successful, and healthy—until she wasn’t.
Her story is a powerful reminder that none of us know what the future holds, especially when it comes to our health. That’s why securing disability insurance while you’re young and healthy is so critical.
By the time a health issue appears in your 30s or 40s, it may be too late to get the coverage you need. Locking in disability insurance early ensures that if the unexpected happens, your income—and your financial future—are protected.
Your health can change in an instant, but your financial security doesn’t have to. Take control now, before life throws you a curveball.
#AmericanHeartMonth ❤️ #DisabilityInsurance #IncomeProtection #HeartHealth #BePrepared #InsuranceMatters #FinancialPlanning #ProtectYourFuture
Doing handiwork can bite back
Why business owners need income protection insurance…
An ‘easy fix’ can quickly turn into an injury that compromises a business owner’s physical health and, consequently, their company. This is why business owners need both Business Overhead Expense coverage and personal Income Protection insurance.
Why Healthy People Need Disability and Critical Illness Insurance
Many people assume that insurance is something you need only when you’re older or already facing health issues. But the truth is, the best time to get disability insurance and critical illness insurance is when you’re young and healthy. Why? Because life is unpredictable, and a serious illness or injury can happen at any time. Having the right coverage in place ensures that if something happens, you can focus on your health without worrying about financial ruin.
The Unexpected Can Happen—Even in Your 40s
Imagine this: You’re in your early 30s-40s, thriving in your career, financially stable, and enjoying life. Then, out of nowhere, you’re diagnosed with cancer. While treatments offer hope, they also come with time off work, medical expenses, and reduced energy for daily responsibilities. Suddenly, your financial stability is at risk.
This is where critical illness insurance and disability insurance work together to protect you.
How Critical Illness Insurance Helps
A critical illness insurance policy provides a lump sum payout upon diagnosis of a covered illness, such as cancer, heart attack, or stroke. This money can be used for:
- Medical treatments and medications not covered by insurance
- Travel costs for specialized care
- Household expenses while you focus on recovery
- Modifications to your home if needed
- Anything that eases financial stress during a difficult time
Unlike health insurance, which pays medical providers, this money goes directly to you, offering financial flexibility to manage your life while dealing with your illness.
The Role of Disability Insurance and the Residual Rider
While critical illness insurance provides an immediate financial cushion, disability insurance ensures ongoing income protection. However, many people misunderstand how disability insurance works. You may not be totally disabled immediately after diagnosis—you might still be able to work reduced hours or in a limited capacity.
This is where the residual disability rider comes in. If your illness reduces your ability to work but doesn’t completely prevent you from working, this rider provides partial income replacement based on your lost earnings. As your condition worsens and you become totally disabled, your full disability benefits will take effect.
Maintaining Your Lifestyle Even with a Terminal Diagnosis
A terminal diagnosis doesn’t mean financial ruin. By using a critical illness payout alongside a disability policy with a residual rider, you can:
- Cover lost income while working reduced hours
- Maintain your lifestyle without dipping into savings
- Pay off debts or secure financial stability for your loved ones
- Focus on quality of life rather than financial stress
Why Buy These Policies While Healthy?
The best time to purchase critical illness and disability insurance is before you need them. Insurance companies base your premiums and eligibility on your current health. If you wait until after a diagnosis, it may be too late to qualify or the cost may be significantly higher.
Final Thoughts
No one expects to face a life-altering illness in their 30s-40s, but preparing for the unexpected is the best way to safeguard your financial future. Disability insurance and critical illness insurance work together to provide financial stability, ensuring that even in the worst-case scenario, you can maintain your lifestyle and focus on what truly matters—your health and your loved ones.
If you’re healthy now, take advantage of that and secure your coverage today. Your future self will thank you.
#InsurancePlanning #DisabilityInsurance #CriticalIllness #FinancialSecurity #PlanForTheUnexpected
Living life because you are protected
This is how I often picture people who have Income Protection and life insurance—they’re covered and secure. Be smart and get the protection you need.
