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Exploring the Many Facets of an ESOP
Although no one expects to suffer from a debilitating injury and lose their ability to earn income and keep their business running – life happens. With the Council for Disability Awareness reporting that more than 2.5 million working-age Americans have already experienced a disabling injury or illness in 2018, it happens much more frequently than you may think. With statistics like that, you can’t afford to not prepare for tomorrow’s unknown.
A disability income policy is the perfect way to protect your greatest asset: your ability to earn an income. But did you know it can also protect your business as well?
One way to protect yourself from an unexpected injury or illness resulting in a loss of income is with workers compensation; however, that coverage is applicable only to work-related injuries and illnesses. On the other hand, disability insurance typically covers a portion of your income when you lose your ability to work whether you were on or off the job. With this broadened coverage, you will have peace of mind in knowing you’re covered for a wider spectrum of disabilities.
Wondering how having a disability income policy can protect your business too? Most carriers will implement riders for coverage such as this, which can be extended to fixed business expenses such as the mortgage interest or rent, utilities and employees’ salaries. Your monthly benefit payout while you’re in the process of returning to work can also be extended with other endorsements.
When exploring disability insurance, consider these factors:
1. Apply while you’re healthy – Many policies may require a review of your medical records, blood test and physicals.
2. Consider staking older policies – You may have purchased a policy 15 years ago when your income level was lower. Assuming you have a good rate, you may want to keep the first policy and “stack” it with another to cover the difference in income.
3. Figure out your average income – Your amount of disability insurance you’re eligible for depends on your net income. As a business owner, your income levels may vary. In this situations, the carrier will likely use an average based on your last three years of income.
4. Drop your policy when you hit retirement age – If you’re retired there is no point in continuing to pay for a policy that won’t pay any longer.
5. Compare your options – Work with a qualified insurance agent, like those at Doeren Mayhew Capital Advisors, that work with multiple carriers to find the best coverage and premium for your situation.
Purchasing a disability income policy is the best way to protect your income, and with additional endorsements designed specifically for business owners, you can protect yourself and your business with a single policy. Reach out to the agents at Doeren Mayhew Insurance Group to help evaluate the disability income needs for you and your business!
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