John F Mitchell : Northwestern Mutual - The Business Need for Disability Insurance : Article: The Business Need for Disability Insurance

The Business Need for Disability Insurance

As a business owner, you have spreadsheets, balance sheets, profit and loss statements, tax filings, and an endless array of documents available to tell you daily how much money it takes to keep your business going. You are on top it, and no doubt you take great pride in what you are building. That is one of the best reasons for protecting it against financial loss should you suffer a disabling event or disease.

Unfortunately, the expenses reflected on all those financial documents don’t stop if a disability, yours or that of another key employee, should cause the business’s income to be reduced or stopped all together for an extended period of time. A good business plan includes managing the risk of any potential threats to the business. The threat of a disability during your working years is real and disability insurance protection needs to part of your business plan.

There are several kinds of Disability Insurance to consider in order to protect your business:

Individual Disability Income Insurance for personal protection.
Group Disability Income Insurance to protect your employees and make it easier to recruit additional quality employees.
Disability Overhead Expense insurance provides a monthly benefit geared toward covering the business’s fixed overhead expenses.
Disability Buy-Out insurance makes funds available to the business to help buy out a disabled owner.
Key Person Disability insurance makes payments to the business in the event a key person is disabled.

Your goal is to meet all relevant business needs, but to avoid overlapping benefits. A Northwestern Mutual Financial Representative can recommend options tailored for your particular business.

It is important to keep your business running and healthy, even if you are not. Since some disabilities are temporary, what you want is time. Disability Insurance offers you time to heal, time to make good decisions and time for your business to recover, too.

Depending on the products and/or services being recommended or considered, refer to the appropriate disclosure brochure for important information on the Northwestern Mutual Wealth Management Company, its services, fees and conflicts of interest before investing or engaging in financial planning services. To obtain a copy of one or more of these brochures, contact your representative.

Northwestern Mutual Financial Network is the marketing name for the sales and distribution arm of The Northwestern Mutual Life Insurance Company, Milwaukee, WI (NM), and its subsidiaries and affiliates. John F Mitchell is a Representative of Northwestern Mutual Wealth Management Company®, Milwaukee, WI (WMC), a wholly-owned company of NM and limited purpose federal savings bank. WMC is not a broker-dealer or insurance company. All WMC products and services are offered only by properly credentialed Representatives who operate from agency offices of WMC. Representative is an Insurance Agent of NM (life insurance, annuities and disability income insurance), and Northwestern Long Term Care Insurance Company (NLTC), a subsidiary of NM (long-term care insurance), and a Registered Representative of Northwestern Mutual Investment Services, LLC (NMIS), 4020 Westchase Blvd 2nd Floor # 275, Raleigh, NC 27607-3938, 919-834-7772, a wholly-owned company of NM, registered investment adviser, broker-dealer and member FINRA (www.finra.org) and SIPC (www.sipc.org). Representative may also be an Investment Adviser Representative of NMIS. NM and the Carolina Condrey Group are not broker-dealers, registered investment advisers or federal savings banks. There may be instances when this agent represents insurance companies in addition to NM or its affiliates.

Investment products are not insured by the FDIC, are not deposits or other obligations of, or guaranteed by, NMWMC or its affiliates and are subject to investment risks, including possible loss of the principal amount invested.

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John F Mitchell is primarily licensed in North Carolina and may be licensed in other states.

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