If you run your own business, it makes sense to hire an invisible employee who is always unseen, never comes in late, never calls in sick, never adds to your statutory deductions, will never cost you a dime in severance payments, and will repay you dollar in salary they received if you decide to terminate their employment.

Sounds like a pipe dream, doesn’t it? Well it is not a pipe dream, ; it is very real and many Canadians (myself included) have already  hired an invisible employee. Sadly, too many us, including many self-employed Canadians have neglected to do so.

The invisible employee I am alluding to is critical illness protection, which in simple terms is insurance that is designed to pay you a tax free lump sum when you are alive and need money upon diagnosis of a covered illness. Life insurance pays a death benefit to your family when you pass away; critical illness insurance is all about taking care of you when you are alive.  Nobody plans to get sick and money is the last thing you want to worry about when cancer, heart attack, stroke or other life threatening conditions strike. If you remain healthy and never have a claim you can get ALL of your money back.

If you are self-employed and your income depends on you being physically able to work, then this protection becomes even more crucial to your financial well-being. If you suffered a heart attack or received a cancer diagnosis and had a $1 million life insurance policy, that money is a figment of your imagination as long as you are alive. It makes sense even if you are not self employed as many benefit plans don’t offer the value that an invisible employee brings to the table

Our medical care has improved and the survival rates for many serious medical conditions have improved significantly over the years, so the question is how will you survive financially, pay all your bills and maintain your lifestyle while you recover and are unable to generate an income? The answer (assuming you don’t have a lot of cash sitting in your bank account or under a mattress) lies in ensuring that you hire an invisible employee that will pay you a tax free lump sum of up to $2 million if you get seriously ill or refund all your money.

Deflate the elephant in the room and start the recruitment process for an invisible employee today; it’s one of the best financial  decisions you will ever make for yourself, your business and your family.

About the Author

Karl Marshall is President of Marmac Financial Services Limited, an independent insurance and investment brokerage. He lives in the Durham Region and on Saturday nights he hosts The Party Mix on G98.7 FM in Toronto. You may contact him via email karl@karlmarshall.ca @marmacinsurance on Twitter or on Facebook.