You don’t question the need to insure your car with auto insurance or the contents within your home with household insurance. But what about protecting your income both now and in the future? We don’t always give it much thought but protecting your life and earning power, both on the personal and business side should be no different! If anything, the events that have shaped 2020 so far are a good reminder of how important it is to have a contingency plan when it comes to protecting your ability to make a living, especially if you are a business owner.
Business owners have more assets and therefore face more liability than the average working person, putting them at greater financial risk. An asset protection plan can help you protect everything you’ve worked hard for by insulating both your personal and business assets with protective barriers, making it more difficult for creditors and other negative influences to threaten them.
But when you list your assets, what are they? Do they include the greatest asset of them all? When it comes down to your business, the greatest asset you have is yourself; your ability to produce, bring value to your company and generate revenues now and in the future. How are you protecting your income?
Imagine if something critical were to happen to you, or even a key employee/business partner, that took you, or them, out of the picture—Death—Divorce—Critical illness—Accident—Disability. These are life scenarios that can greatly limit the human capital potential in your company and your ability to make a living.
What implications would one of these scenarios have on your business and the bottom line, if left unprotected? Could your business survive? If something were to happen to you, or your spouse, how would you cope personally without the ability to generate an income and provide for your family?
Purchasing and putting in place the right types of insurance that focus on providing ‘living benefits’ such as personal and corporate-owned participating whole life insurance, serves as a protective buffer to guard your earning power and even the human capital of key employees/partners within your business.
Watch the following video to learn how you can strategically protect your earning power and the human capital within your company by having the right types of insurance in place, so you can sleep well every night as a business owner.
Disclaimer: The material and/or information provided in this blog document and video are for informational and/or educational purposes only. The opinions and views expressed in this blog document and video are solely those of the author and not necessarily those of the distributor, and do not constitute financial or taxation advise in any way. All financial endeavors should be vetted through a financial, tax, or another appropriate professional; example, life insurance broker, financial planner, accountant, and/or lawyer, as the audience sees fit. MacDev Financial Group Corp. and SET Financial Solution and any other corporation associated with the author, including but not limited to its agents, staff, associates and/or partners, will not assume any liability for any information disseminated in this blog document and video; indirectly, or assumed.