Protecting your biggest asset

Most small business owner/operators realize they should insure their biggest assets. They insure buildings, trucks and large pieces of industrial equipment. But how many insure what could be their biggest asset – the ability to work and earn income? Think about it. If an owner starts a business at age 30, works at the business until age 65 and earns an average of $75,000/yr then the owner’s lifetime earnings will total $2,625,000. Should you not give some thought to insuring this large stream of income?Construction Worker

Such insurance is usually called Long Term Disability Insurance and is designed to pay the wage earner an agreed monthly amount if the wage earner becomes disabled.

Before dismissing this out of hand, here are a few statistics from a Forbes article:

  • An estimated one in four 20 year olds will become disabled before they reach age 67
  • Over 90% of disabling accidents or injuries happen outside working hours so WCB benefits will not apply
  • 60% of disability claimants are women
  • About 12% of claimants are under 40

Need more information? For specifics you will need to talk to an insurance agent but we can give you a general outline and get you started. Give is a call – 780-434-7146, or email info@padgettedmonton.ca
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Link the word Forbes to the article here
http://www.forbes.com/sites/ashleaebeling/2013/09/24/5-myths-about-disability-insurance/

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