As a small business owner, perhaps you have asked yourself some of the following questions:
What happens if I come down with a serious illness or major injury? How would my business continue to operate? Would my business even survive? And what would my family do without my regular income?
Consider the case of Joe Donaldson. Joe owns a small masonry firm that employs 5 full-time workers. For years, he constantly ran "what if" scenarios through his head; and eventually, he decided to take action.
Two years later, Joe wasn’t overly concerned when he discovered a lump in his neck, but his doctor decided to order a biopsy to test for cancer. To Joe's shock and dismay, the test came back positive for lymphoma.
Because he had critical illness insurance, Joe's policy paid a large lump sum to help cover expenses, including those related to keeping his business afloat, while he was going through treatment.
"We went through all sorts of scenarios," said Joe. "Should we sell the business? Should we partner up? Does the existing staff have the ability to carry on? These are big pressures, but this insurance takes some of that pressure off."
It wasn’t always easy, but today Joe is both a cancer survivor and the owner of a thriving business -- thanks, in part, to his fortuitous decision to purchase critical illness insurance. “I can’t imagine what it would have been like not to have it. This insurance saved my small business.”
What Does Critical Illness Insurance Offer You?
Let’s face it; no one wants to think about getting sick, but the reality is that one in 2.63 Canadians will be diagnosed with cancer, have a heart attack or stroke this year. The odds are not good, and not worth the gamble!
Critical illness insurance doesn’t replace an individual’s provincial medical insurance -- it simply adds an extra level of financial protection in the event that you are diagnosed with a critical illness.And since the money is paid directly to you, you’ll be able to spend it on whatever you decide is the biggest need -- rent or mortgage payments, out of the country treatment, medical equipment, private nursing, bills, etc.
Perhaps it is time to consider how well your family and your business could cope financially if you suffered a serious illness or injury. Life insurance provides financial protection if you die. Who provides financial protection if you suffer something serious and live?
Simply put, critical illness insurance for small business owners is a very important investment.