Critical Illness Insurance for the Small Business Owner

Presented by Tim Dreher What kind of an illness or injury would it take to keep a small business owner at home and away from their business?  A bad case of the flu or a broken arm, probably not.  Most business owners got where they are today by being diligent hard workers who have shown up every day to get the job done.  It would take something more than a little illness or injury to keep them at home.  However, an event such as a heart attack, stroke or a cancer diagnosis probably would. Critical illnesses are striking more Americans every single year.  Some 1.4 million Americans are diagnosed with cancer (American Cancer Society) annually.  An estimated 785,000 Americans will have their first heart attack and some 600,000 Americans will experience their first stroke (American Heart Association), and with new advances in medicine, the vast majority will survive. The financial consequences of surviving a critical illness are something few people are prepared for.  A lot of the cost associated with caring for someone with a critical illness is covered by most health insurance plans.  But approximately 67% of all costs associated with a heart attack, cancer and stroke are non-medical costs.  Also, most high-deductible health plans have deductibles and co-pays that can easily run into thousands of dollars and yet they would still need to continue to pay their premiums. Suggest purchasing a Critical Illness policy.  This specialized insurance provides a lump-sum, tax-free payment upon diagnosis should a policyholder suffer from certain specific critical conditions. What a difference a cash payment of $10,000, $25,000, $50,000 or even $100,000 would make to a client when their covered condition is diagnosed. The money could be used to:

• Pay off a mortgage, or just make the monthly mortgage payments, credit card debt or other loans
• Supplement lost income as a result of waiting periods, elimination periods or deductibles
• Find alternate medical treatment that may normally not be covered by most health insurance plans such as experimental treatments
• Make modifications to their home in order to accommodate different health conditions
• Or even just to take some time off to heal and not have to worry about their business but instead concentrate on getting well again.

Having a lump sum payment from a critical illness plan paid to your client just might make the difference of the business surviving. Contact your Critical Illness marketing specialist at Financial Brokerage at 800-397-9999 to get additional information about this highly important form of protection.