What would you do if a key person in your business fell ill?
Read my blog on protecting your greatest business assets…
Over my 30 years of working in financial services, I have met with many self-employed and company directors, whose common theme when discussing the need for pension provision, ‘sure my business will be my pension’. While many have gone on to build successful businesses, there are others who did not manage to due to getting a serious illness or unfortunately in some cases sudden death. Too many self-employed become so preoccupied with building their businesses that they never think that it will happen to them.
We often set up personal serious illness cover and life insurance policies to protect those in our families who would be left behind in the event of our passing. But we rarely think of protecting our businesses in the same way.
There is a one in four chance of getting a serious illness and a one in ten chance of dying before reaching retirement. (Source : Irish Life Claims 2011)
If you were to suffer either event have you thought of the financial consequences for the business? The good news is that for a small cost you can provide for this eventuality by getting the business to take out a life and serious illness plan on yourself or/and other key personnel in the business, which can be paid for by the business. In the unfortunate event that you suffer a serious illness the amount insured will be paid into the business to allow you time to recover while paying someone else to replace your expertise. Similarly in the event of your premature death the sum assured is paid likewise.
The message therefore is protect your greatest asset, namely the key people in your business.
For further information and advice call me today on 064 6636410 / 087 2461599.