Why Should Small Business Owners Consider Critical Illness Insurance?
Small business owners like you face many challenges. From employee management, customer service, sales, marketing, accounting there is a myriad of things to do. In most cases small business owners pride themselves on being heavily involved in their businesses to ensure success. This is true even when you don’t feel your best. Similar to top performing athletes, minor illnesses such as the cold, flu, sprains, muscle strains, etc. don’t keep business owners sidelined. I remember as a child watching my father continue to work despite not feeling well because quite frankly there is no such thing as a paid sick day for small business owners. In fact, the bills and payroll just keep coming in regardless of how you feel.
However, what about in situations that could sideline even the most committed small business owner? What about receiving news from the oncologist that you have cancer? What about a major heart attack or stroke?
What will be your plan then to keep your business running without you?
Enter critical illness insurance. This policy pays a tax free lump sum benefit in the event you are diagnosed with cancer, stroke, heart attack, and roughly 20 other listed illnesses (each carrier is different so consult an insurance agent for a list of covered illnesses)
There are three simple reasons to consider a critical illness insurance policy if you are a small business owner:
1. Protect your family
No doubt this could be a challenging time for your family. The stresses involved are real. Will your spouse have to take off work to care for you? Will you have to home modifications due to your illness? Will you have high out of pocket medical costs? Money does not replace your health but sometimes it does help ease the burden and provide some much needed relief to your wallet and saving accounts. This can allow you to focus on recovery!
2. Protect your investment
If you are like most small business owners you have invested thousands of dollars and most likely hundreds of thousands of dollars in your business. You have labored nights, weekends, and holidays and most likely at some point you have sacrificed time with your family to make things happen. In a situation of a critical illness all this becomes at risk. The lump sum benefit paid by the insurance policy could provide you with a much-needed financial buffer to protect your investment.
3. Help keep business operations going
With your absence, the business may need a manager to help smooth things over. Will you promote from within? Will you hire from outside? Either way you will need to compensate someone to manage the day-to-day affairs. Additionally, if you are involved in the sales process your business may experience a loss in revenue that will need to be replaced: a critical illness policy can help you accomplish that.