Calling all business owners…The U.S. has 5.8 million small business employers in 2009, representing 99% of the nation’s employers. There is plenty of opportunity to sell disability income in this market. Capture your small business owners’ attention with these unique disability products:
Key Person Disability Income. This product provides protection for the business in the event a vital employee becomes too sick or injured to work. The policy will pay a monthly benefit to the business to cover the financial loss of the absent employee, or it can pay for a temporary worker while the key employee is out of work. The monthly benefit is 2 times employee salary up to $500K. Business owners with 50% or less ownership are considered key employees.
Retirement Protection Security. This product continues contributions to a retirement plan. In the event the policy owner becomes too sick or injured to work for an extended time, this policy will pay a monthly benefit into a trust to be invested by the policy owner. At age 65/67, the trust will pay out the proceeds to the policyholder. Maximum montly benefit is the lesser of 15% of current income or $4225.
Business Loan Protection Rider. This rider is part of a business overhead protection policy that is available as a stand-alone product. In the event of a disabling illness or sickness, it will continue to make the payments on a business loan for up to 10 years. New in practice dentists and physicians are excellent candidates for this product.