How can you protect your income if you're ever disabled? As part of the planning process, whether you are a salaried executive or a business owner, we will examine the impact of disability on your financial goals.
If you are an executive, you may be fortunate to have a top-notch company provided benefit to protect you. As a business owner, sometimes this is overlooked, but it is equally important to have such coverage. If you or one of your partners suffers a long-term disabling injury or sickness, it can have a devastating effect on your business or practice - and on your plans for the future as well.
Some of the uses of disability coverage are as follows:
- Disability buy-out insurance provides the funds needed to purchase a disabled partner's share of the business. With formal buy-out (or buy-sell) agreements, the purchase price and other conditions can be determined in advance, setting the stage for a smooth transfer when the need arises.
- Business or professional overhead insurance pays benefits to cover your ongoing operating expenses when you, or a partner, are disabled for an extended period. A good professional policy will even pay your employees' salaries and provide funds for a professional replacement. Compared to your regular monthly expenses, quality overhead expense coverage can be available at a surprisingly low cost.
A disability insurance plan can also be used to attract new recruits, reward key employees, improve morale, or increase loyalty. Disability insurance policies offer your employees valuable income security and incentives beyond the ordinary employee benefit package.
While your employee receives much-needed funds, your company can benefit from meaningful tax advantages.
Corporations can retain our services to examine their existing coverage, design a new disability program, or create a "top-hat" plan for highly paid executives to supplement the basic group plan.
Please contact us to discuss your needs today.