Life & Supplemental Insurance Coverage for Small Business: Protecting Your Family’s Financial Future

I’ve already touched on the uses of Supplemental insurance such as Accident, Critical Illness, and Cancer in the Medical tab. However, I would like to tell you a story, which I think demonstrates the need for life insurance better than any brochure ever could.

My brother, Mark, was a pretty smart guy. Like me, he had enlisted in the U.S. Air Force. A few years after me, he too received a college education through the Airman’s Scholarship and Commissioning Program. He was married during college and went about Graduating Magna Cum Laude from Arizona State University, commissioned an officer, and went on to helicopter pilot training where he received his wings.

Reliable and trustworthy, after serving in Panama he was assigned to the U.S. Air Force’s 1st Helicopter Squadron where he was responsible for flying dignitaries such as Secretary of Defense Casper Weinberger. Eventually, he and his wife had two children, but later divorced. Mark was a bit of an absent-minded professor; so, when it came to his personal finances he was oblivious. Parked in his vehicle outside of LBJ Ranch in Texas, he was viewing the livestock with his girlfriend and her ten-year-old daughter.

The driver in another vehicle apparently fell asleep at the wheel and hit him on the driver’s side causing the vehicle to roll. His girlfriend in the back seat, without a seat belt, was pronounced dead at the scene. Her daughter buckled up in the front seat came through without a physical scratch. My brother on the other hand was evacuated by helicopter to a hospital where he, in a coma, died two days later from head trauma. He wasn’t planning on having an accident much less dying. But, he did.

Not paying attention to his personal finances, he left his family without having any insurance. Having recently retired from the military, he hadn’t even taken out the Veterans Group Life Insurance (VGLI) available to him. But, it gets worse. He had no money for funeral expenses. He left the entire burden on his children and ex-wife. He could’ve purchased the VGLI, set up automatic payment, and not worry about it again. But, he had not taken the time to do so.

I encourage you to determine how much life insurance you do need, purchase a policy, and set it up for automatic payment. Believe me, today is the time to review your plan and make adjustments.

In doing so, you protect your family’s financial future.