When plaque lodges in the coronary artery, a traffic jam results – backing up the blood supply and leaving the heart devoid of nourishment. This is the sad sequence of events otherwise known as a heart attack. Fortunately, it doesn’t have to be fatal. Those who get to the hospital in time are often saved. And, thanks to medical advances and better preventative care, more heart attack victims are surviving than ever before in history.
What happens when a business owner’s heart attack fails? It isn’t a walk in the park. Surviving a heart attack usually involves hospital and recovery time, creating yet another traffic jam – a financial pile-up so to speak. Many business owners are prepared to die with a nice life insurance policy. They aren’t prepared to live. They haven’t protected their finances with any income protection measures.
When a business owner is unable to work, revenues diminish, rent falls behind, pending commitments die on the vine, and bills pile up. And as you can imagine, the stress of a failing business and uncertain income is not conducive to heart attack recovery.
Fortunately, it doesn’t have to be this way … if a business owner is protected with a Business Overhead Expense (BOE) policy. With a BOE policy, a wide range of business overhead expenses are covered by a monthly benefit to keep the business running until the insured recovers. A BOE policy can cover the cost of rent and lease payments, employee wages and benefits, insurance premiums, property taxes, and a long list of other items.
BOE benefits are based upon expenses, rather than income. This makes them very advantageous for business owners whose tax returns do not adequately reflect their income levels due to a high number of deductions. BOE policies have short waiting periods — usually 30 days. Benefit periods are short, usually 12 to 24 months. If a business owner is permanently disabled, the Business Overhead Expense policy buys a little time so the business can be sold or transitioned.
There are many other products to help business owners too – such as individual disability insurance, disability buy-sell policies, and keyperson insurance. The best part is that you don’t have to be an expert to sell these products. Just call in the business owner income protection experts at DIS. We’ll help you structure a policy that maximizes protection and works within the required budget.
When heart attacks fail, businesses often fail too. But not if the business owner is prepared with the business lifeblood of a well-structured income protection strategy that includes a BOE policy.
Want to know more? Download our free client handout, “What Expenses Are Covered by BOE Policies?”