Why Should Business Owners Have Critical Illness Insurance
By Laura Fitzsimons
Critical illness insurance is designed to provide financial protection to business owners in the event of a serious illness or medical condition. There are several reasons why business owners need this for their business and families:
1) Peace of Mind:
Being insured with critical illness insurance, ensures financial protection, allowing for owners to focus on their recovery and avoid the added stress of financial uncertainties.
Furthermore, knowing that there is financial protection in place, especially in the case of a critical illness, can provide peace of mind.
2) Financial Security:
When Business owners have critical illness insurance, if the identification of the covered illness occurs, they are provided a lump-sum payment upon the diagnoses.This crucial financial assistance can assist owners during a health crisis, helping them cover unforeseen financial burden, medical expenses and rehabilitation costs.
3) Debt Repayment:
In the case the owner faces a health setback, the funds received from critical illness insurance can be used to repay business debts, ensuring that the business has financial stability.
4) Supplementing Disability Insurance:
Although disability insurance may assist in covering a portion of lost monthly income during a period of disability, critical illness insurance provides a whole-amount payout regardless of whether the individual is able to work.
5) Quality of Life:
Critical illness insurance can provide financial resources to ensure an enhanced quality of life during recovery. It can cover non-medical expenses such as lifestyle adjustments to accommodate the health condition.
It's important for business owners to carefully assess their individual circumstances, health risks, and financial goals before deciding how much critical illness insurance is needed.
Consulting with a financial advisor or insurance professional can provide personalized guidance based on the business owner's unique situation.
This publication contains the opinion of the writer. The information contained herein was obtained from sources believed to be reliable, but no representation or warranty, express or implied, is made by the writer, Mandeville or any other person as to its accuracy, completeness or correctness. This publication is not an offer to sell or a solicitation of an offer to buy any securities. The information in this publication is intended for informational purposes only and is not intended to constitute investment, financial, legal, tax or accounting advice. Many factors unknown to us may affect the applicability of any statement or comment made in this publication to your particular circumstances. Hence, you should not rely on the information in this publication for investment, financial, legal tax or accounting advice. You should consult your financial advisor or other professionals before acting on any information in this communication.