Description
This article tells a story about an adviser who met with a client when that client had recently started his own business. “The adviser” explains the options available to a small business owner for income protection insurance. Key Person insurance is also covered briefly. With unincorporated businesses being the most active operations in Australia, this is an important topic for your self-employed clients. Written in the adviser's voice.
Introduction
When I first met Geoff, he had just set up his own printing business in his garage and was earning a moderate income.
After borrowing to finance his equipment and start-up costs, it dawned on Geoff that if he were unable to work, he could find himself in serious financial difficulty.
I pointed out a simple solution – Income Protection (IP), insurance that provides a replacement income for a set period of time if he was injured or become seriously ill. But determining how much to insure Geoff for was the hard part – particularly for a start-up with no financial history.
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