Disability Insurance: A Critical Conversation With Small Business Owners

September 25, 2018

 

 

Much of the discussion about business planning centers around succession planning, usually using life insurance. 

 

One product that has been habitually undersold is disability income insurance. 

 

See how George Reilly benefited his friend and client business owner. 

 

There are two very important points in this story.

 

One is George’s discussion about approaching the professional advisors of a business owner early in the process, in this example it was the accountant.

 

Isn’t it interesting that the client wanted a substantial amount of life insurance, but was less interested in a substantial amount of disability income, but the accountant was in favor of the disability income, but not in favor of the recommended face amount of life insurance?

 

What George is highlighting here is that dealing with business owners and their advisors can sometimes be contentious or unpleasant, but you need to do it upfront.

 

The other point that George brought up was, after his client went on claim for $20,000 a month tax free, how his client and his wife thought of George differently.

 

What you don’t know was that George was a football star at Brown University, an Ivy League school. And this particular client, before he went on claim, said to George, “You’re a graduate of Brown and you went into the insurance business??”

 

He certainly thinks differently about George today and this instance affirms George’s life of significance. 

 

Make it a point in all your meetings with small business owners to have the discussion of disability insurance. As it was in this story, it can be a life saver for the business owner and the business itself. 

This video is available in audio format on the When Business Becomes Personal audio program. You can learn more or order a copy here

 

 

 

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