Clients frequently ask why even bother to discuss not being able to work. There are countless other things that affect my Business Succession plan. There are items like finding the right employees, making payroll, minimizing taxes, planning for a retirement and the list goes on and on. I can only respond by saying one simple sentence. Imagine what would happen to your business when you could not physically open the doors to your business? In addition, let me share with you some staggering statistics that should wake you up to the possibility of a short and/or long term disability.
At Age 20, there is a 25% chance that you will become disabled by Age 65.
Many will say well the government will take care of me? Really? The average monthly income from social security is a paltry $1,130! Who can live on that?!
The Congressional Budget Office projects that the Social Security Disability Income Trust Fund will be zero in just two years!
It’s been reported that 68% of American workers live from paycheck to paycheck. Thus there are no cash reserves to cushion you financially to help you navigate through a short and or long term disability.
Only 5% of disabilities are work related. Therefore you cannot count on workers compensation.
Source: Social Security Administration 2/07/2013.
You want to be sure your Business Succession Plan will be operable for the foreseeable future? Do yourself a favor and start either a Group or Personal Disability Insurance program.