Business owners are in a unique position. They are the boss, and they can create a lifestyle that reflects their value, this lifestyle flexibility come with additional responsibilities. Many business owner fail to understand what is “lifestyle” well it’s the cars we drive, it’s the home we live in, it’s the vacation we take, it’s the education we provide, it’s the retirement we save for, and it’s living today while planning for tomorrow! Your business income supports it all! But what if you were unable to work tomorrow due to an injury or illness? Would you and your family be protected?
What Are The Risks?
The chances that business owner the be disabled for three months or more before age 65 start at 54% of a business owner age 30 and are 33% for a business owner at age 50. Also, if your disability does last more than 90 days the average length of a disability will be 2.5 years for a business owner age 30 and 3.1 years business owner age 50.
What Are The Business Owners Risks Of Serious Illness In Your Lifetime?
Heart attack: 1in 5, Stroke: 1 in 9: Cancer: 2 in 5
The most valuable asset is you. Based on your current age and income this is how much you will earn by age 65.
A 35-year-old business owner earning $60,000 will generate $2,434,084 in total income at the age of 65.
Insuring our home and cars is important BUT have you considered insuring your most valuable asset? If you do not insure this risk where can you get the money?
Let say you saved 5% of your income each year, six monthly of total disability could wipe out ten years of savings.
My Spouse Works
Would one income be enough if you are currently living off two? Will your spouse be able to juggle work and take care of you?
You might have a difficult time securing a loan when you’re disabled. Where is the money going to come from to pay the loan back?
Protecting your lifestyle has never been easier, start building your personal lifestyle protection plan today by taking the steps to purchase life insurance.