For 20 years I was in the music retail & distribution business. I owned retail stores, and a wholesale piano company that distributed pianos & keyboards throughout the US. In 2008 when the housing market crashed, I crashed with it. One thing became painfully obvious to me. For all those years I paid into unemployment for my employees, and for all the taxes I paid in the business meant nothing to uncle Sam. When my business was forced out of business in 2008 I was officially unemployed with no income, nor unemployment benefits. While many of my employees were able to go on unemployment, and other government subsidies to help them in their time of need, I had no such luck.
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If you are a realtor, lawyer, contractor, builder, self-employed, small business person, or entrepreneur then you need to listen up. If your income is based on a commission schedule, or paid through profits of your company, and are not paid through a payroll that pays in to unemployment you WILL NOT receive unemployment benefits if your job is lost.
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HERE IS WHAT YOU CAN DO TODAY TO GET PROTECTION FOR UNEMPLOYMENT AS A SELF EMPLOYED PERSON.
- Start an Income Protection Plan
- Fund it to cover 80% of wages with 6 month period
- Annually review plan and performance with your agent
You may be wondering what is an income protection plan. This is a private insurance plan that an individual can start which guards your income from not only unemployment, but also:
- Critical Illness
- Even Death
Your contribution is tax deductible, and if the plan is never needed due to any of the insurable occurrences the contributions are refunded with interest. Here is an example of a realtor client of mine which just started this plan.
Heather is a 32 realtor in Austin Texas. Real Estate has been really good to her, but she fears if the market changes she could go months without closing a sale. She decided to open a self funded income protection plan. The premium for her plan is $63 per mo. Now she is protected from loss income due to:
* Critical Illness
* Temporary Disability
* Loss income due to economy or job
* She also has coverage for LTC & a Nursing facility in the event she becomes terminally ill.
If you would like to find out how much a plan cost you, and what your options are feel free to book an appointment with me to discuss via tele-phone. I can also have an advisor meet with you face to face if you would like. First meetings are always free to access your needs. Get the protection you need today to start protection your most valuable asset, your income.
Terry Wilson is an insurance and retirement broker. Representing over 40 different top carriers in 28 states. Terry offers financial, marketing, and business consultation to self employed and small business owners across the US. He can be heard on dsradio.net. Terry is a speaker and coach that helps thousands each week grow, protect, and enjoy their business and money.