As small business owners, especially in the early stages, we are the lifeblood of our businesses. Working hard to make our dreams become reality. Working long hours, and taking on a lot of mental or physical strain.
We’ve taken on this amazing business to build a prosperous future for ourselves and/or our families, and we’re excited!
While we may not be most known for our self-care routines, but more for our work ethic and drive, it’s important that we also take the time to consider some risk management for when situations may be outside of our control.
Sure, we can still dress up and show up for that important meeting even when we’ve got the flu, but what about when things get more serious than that? When situations are outside of our control?
I know of a middle aged single mother of 3 pre-teen kids that runs a small fashion boutique. She unexpectedly was diagnosed with stage-3 breast cancer leaving her unable to work, and having no employees, unable open up shop. As you can imagine, many harsh treatments were required for her recovery that left her physically and emotionally affected, leaving her unable to continue to care for her children as normal. She couldn’t go back to work for nearly 2 years and had to rely on little savings and support from family members. Unfortunately, she had no financial protection so she was left in financial devastation for quite some time as she recovered and thankfully, eventually beat the cancer.
Serious illness doesn’t discriminate by gender, work ethic, social status, etc.
It can happen to anyone, at any time, and even to those we consider to be healthy.
Based on 2017 Canadian Cancer Society Statistics, nearly 1 in 2 Canadians will be diagnosed with cancer in their lifetime. Although, more people are surviving at least five years after being diagnosed, cancer is still the highest cause of death in Canada.
Being a Negative Nancy isn’t my forte, but this is reality. These odds pretty much say that it’ll either be me, or the person beside me. But even without the statistics, I’m certain that most if not all of us know someone that has been diagnosed with cancer or has experienced other serious illnesses such as a heart attack, stroke, etc. Were they able to keep things going and maintain their lifestyle while they recovered?
I know, I know, that’s enough of the bad news. Well, here’s the good news – we’re surviving these illnesses!
The rate of survival is going up each year with new advancements in treatments and technologies.
And the even better news is that while these illnesses can have significant consequences on our physical, mental and financial health, we can put protection in place to release some financial burden so that we can focus on recovery instead of finances.
What many of us don’t realize is that our most valuable asset is not our home, not our car, not even our precious business. But rather, our most valuable asset is our ability to earn an income. Without the ability to make money, we couldn’t have many of the great things that we value. So don’t you think that’s worth protecting?
This protection is called: Critical Illness Insurance.
Critical Illness Insurance pays out a lump sum of money should you be diagnosed, and gives you the freedom to choose how it’s used!
You may decide to use it for medication, special equipment, traveling to receive treatments, etc. Or you may decide to put it towards the business to keep things running while you recover, or maybe even to keep things running at home.
Whatever you decide, it will help you to keep your financial health from taking a major downfall.
These products vary to where you can choose from various options of how many illnesses you’re covered for, the duration of the coverage and there is even the option to have some of your premiums reimbursed at the end of the contract if you don’t claim or to a beneficiary of your choice should you pass away without any claims.
It’s important as business owners for us to have a solid financial plan beginning with protection. While often times, when we hear the word insurance our minds automatically go to life insurance, the odds of most of us passing away before age 65 is significantly lower than the odds of us contracting a critical illness or becoming disabled (due to illness or accident). If you’re ready to take the next step to building your financial house, I can help you reach your financial goals and make sure you and your business are well protected.
I successfully graduated from the University of Guelph in 2013 with a Bachelor of Commerce (Marketing major), followed by completing the Life License Qualification Program (LLQP) in 2015. This is where I began my career in Financial Services joining my parents who have combined over 50 years of experience in the industry including owning a brokerage.
Financial Advisor | Business Owner | Speaker | Freedom Chaser