Many of us don’t want to think about struggling financially because we’re unable to work. Yet it’s a possibility, especially since disability is a common problem, and many people don’t have adequate savings to support them for an extended period of time.

If you become too sick or injured to work, disability income insurance can help replace your income and maintain your standard of living. Berkshire Life Insurance Company of America and Genworth are the leading providers of individual disability income insurance.

A Qualified Sick Pay Plan Benefits You and Your Employees

If the business owner or a key employee becomes disabled, the firm cannot continue to pay wages and deduct these payments as a business expense unless a Qualified Sick Pay Plan is in place prior to the disability. Although the plan can be self-funded, using disability income insurance to cover this obligation offers several advantages to the business owner: the insurance company determines if an employee qualifies for a claim, pays the disabled employee, and provides tax reporting. Premiums paid for disability insurance are a tax deductible business expense, and coverage is available at a discounted rate.

Benefits for the employer:

• Owners and employees can be covered by industry-leading individual income protection

• You choose which employees will be covered and what benefits will be offered

• Attract and retain high quality staff — and recognize key employees

• Premiums paid by the business may be tax deductible

• The plan is simple to set up

• The insurance company assumes the financial risk, responsibility for claims determination, provides policy administration and tax reporting

• Permanent 10% discount on employer-paid premiums when there are 3 or more participants

Benefit for the employee:

• Provides a monthly benefit should they become too sick or injured to work

Simple steps to implement a program:

• Establish who will be covered under the qualified sick pay plan

• Adopt the plan and document it — sample documents are available

• Obtain benefit proposal from the insurance representative

• Communicate plan details to employees

Long Term Care Insurance:

Long term care needs can affect you in a variety of ways. If your parent or spouse someday needs long term care, your family may face the possibility of spending a great deal of time or money providing it. And if you someday require care, you want to make sure money is available to allow you and your family to enjoy the best quality of life possible.