Posted: 17 Nov '12
Starting a Business - Is Disability Insurance Important?
When individuals start a business many times the first thing they think about is life insurance. To start a business a loan is often taken or a line of credit is set up using the home as collateral. These debts or loans cause people to think first about term life insurance. How will my family manage these debts should something happen to me? Without question getting life insurance to pay off the debts is very important. But did you know that the risk of disability is about 5 times that of dying. Yes the risk of become disabled is far greater than the risk of death.
If the risk is greater don’t just stop after you get your life insurance in place. In many situations dying is the easy thing.
Becoming disabled, losing your ability to work and losing your ability to manage your business can be the real disaster. Now you have the debt, the bank is calling for the payments or sometimes the bank will call the whole loan. Your creditors are calling for their money and your employees need to get paid or they will leave.
Yes you could sell off the business assets and hopefully that will pay off bank. But now what, how do you live without an income?
Disability insurance is the one insurance product that provides you and your family with an income during a disability. Disability insurance might seen expensive, it might seem complicated but with the right planning you can find a plan that will both meet your budget and your need for the right protection.
Think about it, hospitals are full of individuals that weeks before had no idea they would find themselves in a hospital bed. Where will your income come from if you find yourself in this situation?
You need to learn about disability insurance before this happens, call today the visit is free and you will be more knowledgeable and able to make an informed decision.