In our last
article we dealt with handling an accident and or sickness with a Waiver of
Premium to keep your Life Insurance policies in-force when you’re income is
severely limited. In short, we are
talking about a very modest form of INCOME PROTECTION PLANS. Let me amplify this approach to keep your
business afloat if your income is drastically reduced.
You may not
be aware that this month is disability awareness month and also the State of
New York MANDATES that a short-term Income Protection Plan be in place at every
business regardless of size or nature.
Yes it is the Law and is called the “Statutory Disability Benefit Law”(DBL). Now you may be aware of this because long ago
I did make mention of its existence or as a business owner you may know of it. However I am discussing this again because
many new programs have added greater value to this plan.
First the
basic DBL Program offers a benefit of $170 per week. Now I don’t know about you, but I would be
hard-pressed to live on $170 a week! So
One company we utilize has revolutionized the program and offers up to FIVES
TIMES the weekly benefit of $170 or $850 a week. You can upgrade at intervals so that you can
go 1.5 times, 2 times, 3, 4 or 5 times the basic benefit. Whatever suits your needs and finances.
Additionally
you can add a Hospital Cash Plan to cover ANY expenses related to an accident or
sickness.
Let me know
if you need more detailed information.
As always, thank you for your time and interest and best of luck in the
growth of your business.