Critical Illness Insurance
Our internet provider called us last night, for the second time in a month, to let us know that we will be without internet access for about three hours this morning.
As a business owner, having access to my internet service is critical because it is how I keep the money coming in to pay the bills and keep the house fires burning.
Last night’s call had me thinking about it from a different angle.
Something even more dangerous is capable of interfering with my ability to keep the money flowing in, but it does not give one a heads-up until it arrives.
You may be wondering what I’m talking about.
I’m talking about a critical disease that can strike without warning at any moment and knock you out so fast you’ll think you’ve been hit by a freight train.
When someone is seriously ill, it can be incredibly difficult, if not impossible, for them to do the tasks they need to do regularly to run a successful company.
An illness may be so crippling that it necessitates round-the-clock treatment, which could necessitate a family member coming in to help.
What if the job falls to one’s partner, but they are unable to go to work because they are caring for a loved one?
What’s worse, what if the individual is single and has no one to turn to?
Now, who’s going to pay the bills?
It takes time, medications, and a lot of rest and tender loving care to recover from a critical illness; it takes time, treatments, and a lot of rest and tender loving care to recover from a critical illness.
The last thing a business owner or anybody wants is to bring more stress to the situation by stressing about how they can keep the roof over their heads from collapsing due to a lack of sales.
However, all is not lost; there is a solution to this issue, but it must be introduced before anyone becomes seriously ill, not afterward, and it is known as critical illness insurance.
When I bring up the topic of critical illness insurance with the business owners and individuals I mentor, they always claim, “But I can’t afford to pay for it.”
To them, I say, “You can’t afford not to pay for it!”
The cost of the peace of mind that this coverage offers when an illness strikes is incalculable.
Serious illness insurance is offered by a variety of companies in Canada, and it is beyond the reach of this blog to go through all of the various policies available today.
However, there are a few items to consider when considering serious illness coverage in the event of an illness:
- Allowing your wife to take a leave of absence from work to assist you in your recovery
- to minimize or pay off your mortgage or other loans
- to supplement a lower income or to compensate for a loss of income that is irreversible
- to allow you to concentrate on your recovery
- If a co-owner or main person in a company needs to minimize their work activity or give up their role, they must be replaced.
- to employ someone to operate a small business when you are away from the office