Jenny is a 45-year old career veterinarian with her own practice. Her compassion for animals and their owners made her business so popular, her clinic simply couldn’t handle the load any longer. She had hired more staff and was running out of space, so finally decided to build a new, larger clinic. She knew the business loan would be an expensive and long-term commitment, but customer demand was expanding her business beyond her capabilities, so she was confident about the income being there to make the loan payments.
A few months after Jenny and her staff opened up shop in the new clinic, business was booming, bills were getting paid on time, and the larger facility had allowed her to add more equipment and offer more services, which attracted even more customers.
Life was good. But then it happened.
One morning before going into the clinic, Jenny started having chest pains. They got so bad that her husband rushed her to the hospital, where she went into cardiac arrest. Doctors were able to revive her, and when she came around, they told her she had suffered a major heart attack.
After several days in the hospital, it became clear to Jenny that she was going to be disabled and unable to run her clinic for some time. And that’s when the panic and questions set in. How would the business go on? How would she pay her employees and utility bills? And how could she possibly make the payments on that business loan?
Jenny seemingly had done everything right in her business – except one thing. She failed to protect her business and her business loan with disability insurance. And because of that decision, she faced a long, hard financial struggle on top of her physical recovery.
Business Loan DI can help your clients avoid Jenny’s fate.
It only takes a moment in time to change everything. And without business loan DI, an unexpected disability can be financially devastating. Many of your clients are in the same boat – their ability to repay any loans is completely dependent on them or other key people continuing to contribute to the business. Losing a key person can have devastating financial repercussions.
With business loan DI Jenny could …
- Continue making regular loan payments
- Focus on a healthy recovery instead of the financial demise of her business
- Retain her good credit rating
- Safeguard the personal assets and earnings of owners and/or shareholders
Other DI products that could be helpful to Jenny and other business owners include: Key person DI, business overhead expense insurance and individual disability insurance.
If you need more inspiration to consider exploring the relatively untapped Business Loan DI market, download our case study highlighting a real DI success story. You’ll also get valuable insider tips to boost your chances of success in this market.