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Disability Income Protection
- Have you ever wondered what would happen if you had an injury or illness that would keep you from working?
- What about your family?
- What would happen to your business?
- How would you treat a key employee that could no longer work? Would you continue his or her salary - is it legal to continue his or her salary?
- How would your family pay for health insurance?
- Did you ever realize that you are one slip on the ice away from being disabled?
These are tough questions. At Bonniwell Financial Services, we can help evaluate your needs and provide comprehensive solutions. If any of the above is of concern to you, please contact our office for a free no obligation consultation.
Disability income protection is necessary for many reasons. You might require income to support your family, to repay a loan obligation, or to cover the overhead expenses associated with running a small business. At Bonniwell Financial Services we have the experience and dedication to help you through all aspects of disability income planning.
• Individual Disability Income Protection
This valuable protection is issued to an individual to provide income during a disabling accident or illness that keeps you from working. Depending upon your occupation and income, there are riders available that can provide compensation to you if you are able to work on a limited basis and suffer a drop in income. We can find quality protection for most occupations.
• Business Overhead Disability Protection
This insurance is purchased to reimburse an employer for ongoing business expenses incurred while disabled. This could cover business expenses such as rent, heat, light, health insurance premiums, and lease payments. This can also make payments on a business loan.
• Disability Buy/Sell Protection
This is a specialty type policy that is used to purchase a shareholder’s ownership interest after an extended disability. This is most often purchased in conjunction with life insurance. Once an individual has been unable to work for 12, 18, or 24 months, this policy can provide buyout monies on either a monthly basis or a lump sum cash payment.
• Key Person Disability Protection
This is a disability income replacement policy that indemnifies a company for a key employee that may be unable to work due to injury or illness. The policy is designed to insure that key person, possibly a sales person, that because of injury or illness is not bringing in revenue. This provides monthly income to the employer to assist in the cost of finding a replacement.
Kent A. Baumann, CLU
Chartered Financial Consultant
President, Bonniwell Financial Services
1025 W. Glen Oaks Lane Suite 205
P.O. Box 38
Mequon, WI 53092
Phone: 262.241.8488 | Fax: 262.241.8066
kentbaumann@yahoo.com