How to protect your business now from health-related risks
By Joe A. Salib
Despite the fact that nearly nine out of ten Canadians have had a friend or relative suffer a critical illness such as heart attack or cancer, almost half have no plan in place to cover the high costs and loss of income associated with a serious health issue.
Your financial health and the future of your business is the last thing you need to worry about while dealing with a serious illness. But how would you survive financially? How would you take care of your business while recovering? Could you afford to close your business temporarily without losing the value you’ve built over the years?
The last thing you need is to lose your assets and your business because of a serious illness or a long-term healthcare need. The hard truth is that it can happen so quickly.
Devastating illnesses and accidents occur more often than you may think. More than likely, it wouldn’t take you long to list 10 people you know who have had a heart attack, a stroke or cancer. And all of the people on that list would agree that they had to absorb a huge financial cost.
What can you do now?
Health insurance products such as critical illness insurance and long term care insurance may provide the funds you might need to deal with the financial challenges associated with a serious illness or health condition. Here are a few details
to help you understand these products better.
Critical illness insurance pays a lump sum benefit following the diagnosis of a covered illness or condition. The money can be used, at your discretion, to pay down debt, access medical treatment not covered by provincial plans, take care of out-of-pocket expenses, or for personal use. You could also use it to bring in other professionals to take care of your business while you concentrate on recovery.
Long term care insurance provides a weekly income benefit when an individual needs substantial physical assistance from another person to perform two or more of the six activities of daily living (e.g. bathing and dressing). This benefit can be used for any purpose – from hiring a private nurse to compensating a family member who leaves a job to provide care, or to pay for the cost of a long term care facility.
Today, more than ever, it’s important for you to protect your business and assets from health-related risks. Health insurance provides you with more choices should you be faced with the costs of a critical illness or a long-term care situation.
Don’t let a serious health issue compromise your financial future.
Find out how health insurance products such as critical illness insurance and long term care insurance can fit into your financial plan. Seek professional advice to help you understand your financial needs, to help you clearly understand your options and to ensure you get the plan that works for your specific situation. A financial advisor working in the business environment can help you set a tax-efficient plan that would also benefit your bottom line.
A Certified Financial Planner with Sun Life Financial, Joe A Salib is active with business owners and professionals in York Region, dealing with investments and insurance. He can be reached at 905-886-2200, ext 259. Email: joe.salib@sunlife.com
2600 John Street, Unit 207, Markham, ON L3R 3W3 T: 905.475.5222 F: 905.475.6369
