Disability

 

Disability Insurance


disability insuranceThe truth is that during the course of your career, you are three and a half times more likely to be injured and need disability coverage than you are to die and need life insurance.  This isn’t something you hear about every day. What happens when someone is disabled? One of the things is they are usually terminated after 90 days. Not only are they not feeling well, they just got a big, fat, ugly, expensive COBRA notice! They have to keep up their health coverage, especially then.  However, with reduced income or no income, this could leave them in a real bind.  Even if you have group Long Term Disability from your former employer, you should still have a supplemental policy that could be used to pay the COBRA premiums.  It’s inexpensive insurance to make sure you have insurance.  Call it insurance for your insurance!


Also, when purchasing insurance as an entrepreneur, buy-sell planning is an important part of any financial plan for business owners with partners.  It’s usually funded with life insurance and will allow Also, when purchasing insurance as an entrepreneur, buy-sell planning is an important part of any financial plan for business owners with partners.  It’s usually funded with life insurance and will allow for an orderly transition when a partner dies. However, what if an owner doesn’t die?  How is the disabled owner going to be able to access their equity in the business?  Here’s how the conversation is going to go.  Joe and Fred are partners and Joe becomes permanently disabled.  Joe says to Fred, “Hey Fred, it’s been a great 20 years we spent together but I’m not coming back so I want you to buy me out.  Our business has grown to be worth $1,000,000 so my 50% share is $500,000.  When can I get a check?” Fred is going to have to be thinking fast for an answer to that one!  Unless, of course, their smart advisor told them to buy not only life insurance as a funding mechanism but Disability Income Buy-Sell as well.  It’s part of a comprehensive plan. With this coverage in place, Joe gets his money and Fred still has an intact business to run.

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