If Critical Illness Insurance is not part of the business planning process it could lead to a financial sink hole in the event of a serious illness to a key person in any business.
This year about 1.2 million Americans will suffer a heart attack, and nearly 60% will survive. Over 1.3 million Americans will be diagnosed with cancer and 64% of them are expected to survive at least five years. Each year about 700,000 Americans experience strokes and 70% survive. According to the American Cancer Society, there are 22 million Americans alive today who have survived a heart attack, stroke or cancer.
When talking to small business owners, here’s a couple points of discussion you can use to help them understand how a serious illness to a key employee could have on them personally. “If your business partner is struck down with a critical illness such as heart attack, stroke or cancer, you might be left in a vulnerable position. Have you thought about what this might look like if they were unable to work for an extended period of time? You might be able to fill in for a while, maybe even a long while, but what happens if this becomes a really long term proposition? Would your family life suffer? If you were the owner of a critical illness insurance policy on your partner/key person, the benefits could be used to hire a replacement, offset lost income or pay off debts. Would a check up to $500,000 at the time of diagnosis help your business maintain continuity?”
With American General’s Critical Care Plus product, you can designate an owner of the policy other than the insured to accommodate this type of situation. For more information including top contracts and marketing materials, please call us at 1-800-672-7202.