We are dedicated to providing value to your portfolio. Every case differs, and when talking with Business Owners over the years, it’s become clearer and clearer that people simply don’t know enough about life insurance. There is often a stigma surrounding life insurance, more specifically life insurance salespeople. We understand that, and that’s why we are here-to provide more information on the many uses you may not be privy to.
The bottom line is what do you do if you can’t work?
That’s where having a trusted life insurance professional, who can proactively plan with your goals and objectives, can be really handy.. Let’s talk a bit about personal and business disability income planning…
What are the 4 Risks You Need to Plan for?
- Living Too Long
- Dying Too Soon
- Becoming Disabled
- Emergency- Need Money Now
We really like to group clients into at least 1 of the following buckets..
Business Owners Business Disability Income Planning
You may be new to owning a business, or you may be ready to retire, but we can almost guarantee there are things you could be doing better with your insurance planning. Unfortunately 2020 woke many people up to the reality that our days are not permanent, and it can be assumed that many business owners have taken a long hard look at what happens if they can’t be there to run the business.
It is the golden goose who lays the golden eggs… so what if you lose your golden goose?
Professionals’ Business Disability Income Planning
A professional situation could be a little different, as if you are a doctor, lawyer, dentist or in a similar field, you may not have statuatory benefits, or be covered as a sole proprietor. Many professionals now will have group coverage.
Base salary could be covered up to 60%.. but let’s say a Professional Physician makes double their base salary after Overtime. 70% of their income won’t be covered. The half that is covered, is TAXABLE. So this physician would really only see around 20% of their income. This is when an additional supplemental income package could help make up that money lost.
Individuals’ Personal Disability Income Planning
These folks are in an employee situation. The reality is if you’re out of work for at least 30 days, you’ll probably be out of work for up to 2 years. Many times employers will make plans available to the individuals to cover them in the event of one of the 4 risks listed above. They may or may not have coverage, but is it providing up to 60% of your income? After taxes?
We encourage anyone reading this to reach out and speak with us regarding your disability income planning strategies this year. We also have a podcast called the MBK Beat where we go over everything you can find here on the blog in longer detail. You can find that here on our site, on YouTube, as well as wherever you listen to podcasts. We work with business owners, professionals and individuals to help provide value to their situation with tax-effieciant planning and strategies.
Want to chat? Let’s Talk! Just give us a call!