"Someone's sitting in the shade today because someone planted a tree a long time ago."
Business continuity is all about identifying your key business products and services. It is devising a plan that will enable your business to continue operations or recover quickly from unexpected events or circumstances.
It helps you to build a safety net providing stability and security for your business, with the goal of allowing your business to stay on course until operations are able to run at full capacity again.
Professionals themselves are often the largest or sole source of income for the business, as it is their highly specialized skills and knowledge that is the product sold. An incident which causes their inability to work can cause great turmoil, as set monthly business expenses continue regardless of the situation.
Business continuity plans look at a range of possible scenarios including the death of a “key person” or events that threaten to shutdown business operations for an extended period of time. Generally, business continuity plans involve insurance solutions which provide funding to keep the business in operation for a specific period of time.
It is very important to remember the largest financial asset that you most likely have as a “Professional” is your ability to earn income. Do you have a proper plan in place if this ability is temporarily put on hold?
Universal Life Insurance
Designed to meet both your life insurance and investing needs, universal life insurance combines long-term insurance protection and tax-advantaged investing in one single, customizable policy. Whether your goal is to protect the legacy you’re building for your loved ones, or to build additional wealth over time, universal life insurance can help you:
- Leave proceeds to your beneficiary – tax free
- Further your estate planning
- Build tax-deferred equity and accessible cash value over time (may be subject to taxation)
- Establish financial collateral for a bank loan
- Provide key person insurance coverage for your business (business continuity)
From how you want to invest, to how you pay for your insurance, to how much or little you want to invest, there are a variety of simple universal life coverage options that can be customized to meet your financial planning needs.