Income & Asset Protection for Business Owners

Is what you have now enough to weather the storm?

I have been talking to many small business owners lately, and many told me being a small business owner in Ontario might not be an easy job. There are umbrellamany daily tasks that need to be taken care of. From marketing, prospecting, sales, to production and follow-up. They understand they are really the ones who generate most of the business revenue, however, many of them do not have any coverage to protect their business income. That means should they become disabled, critically ill, or pass away prematurely, their family and business could suffer severely from the loss of the business income.

I was reading a piece from Manulife the other day, and surprisingly they stated that  the chance of dying, or becoming critically ill or disabled before age 65 for a 40 years old, non-smoking male is 59.3% while, 52.5% for female with the same variable. (The above figures are obtained from Manulife Synergy.)

Without proper coverage, you and your family might be forced to liquidate your hard-earned assets when facing such a difficult time.

What are the options?

Although no one expected themselves to get sick, injured or die prematurely, we do know that it could happen to anybody at anytime. We do not have control when do unfortunate things happen, but you could definitely protect for yourself and your family against unexpected events.

  • Disability insurance – Monthly benefit will be paid out when you are unable to work due to injury or sickness.
  • Life insurance – Provide a lump sum death benefit to your beneficiary when you pass away
  • Critical illness insurance – Lump sum benefit will be paid out when you are diagnosed with critical illness defined in the contract.

With the above coverages, it could release the financial stress for your family and business during tough times.

There are many plans offered by different insurance companies, and each one would have their own terms and conditions. It is important to know them before you enrol to the plan. I’ll also try to blog about some of the insurance products in the near future.


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