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"Insuring" your business is protected

Having the right life insurance is an essential step in protecting your most valuable asset – your ability to earn an income.

You take care to insure your home and vehicles. But how well have you protected your most valuable asset – your ability to earn an income?

Having the right life insurance is an essential step in risk planning. But statistics prove that during your working years the threat of disability is what should concern you the most. Life insurance can only protect you part-way. No plan is complete without examining how serious injury or illness can put your financial future at risk. That’s where disability and critical illness insurance make the difference.

Disability insurance

The Canadian Life and Health Insurance Association reports that on average 1 in 3 people will be disabled for 90 days or more at least once before age 65.

If you are unable to work, everyday bills, not to mention extra medical costs, can eat into your savings, investments, RRSPs, even your home equity. Would you have trouble paying your mortgage or dealing with added financial stress when you need it least?

Business disability insurance – available for both short- and long-term – can help replace business income in the event of an accident or illness in the form of a monthly benefit intended to replace two-thirds of your after-tax income. Benefits can continue until you are able to return to work or you reach the age of 65.

Critical illness insurance

Living with a critical illness can mean major changes to your lifestyle and if you aren’t prepared, serious challenges for your business. Even a temporary loss of your presence can have an impact.

Having a financial cushion at such an uncertain and stressful time not only allows you to focus on recovery, it also helps your business continue uninterrupted. Critical illness insurance gives you choices you might not have otherwise by providing cash up-front paid in a lump sum and tax-free, with the freedom to use the funds as you wish – for your business or personally.

Two other forms of insurance should also be considered by anyone in business: business interruption insurance to take care of your business-specific bills and key person insurance to ensure you’re protected if a critical staff member or partner are unable to work.

Your BlueShore Financial Business Advisor or insurance specialist can sit down with you to discuss all that you need to protect. Then they’ll put together a comprehensive insurance plan to best meet the needs of you and your family. Contact them today for full review of your insurance needs.

Comments or suggestions? Please email us.

This article is provided as a general source of information and should not be considered personal investment advice or solicitation to buy or sell any mutual funds or other securities. The information contained in this article was obtained from sources believed to be reliable; however, we cannot guarantee that it is accurate or complete.
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