Taivi Tayler, Tayler Insurance & Estate Planning
Mike runs a successful electrical contracting business. He invests in equipment, keeps projects on schedule and relies on skilled employees to deliver quality work.
Steve, his lead electrician, is one of those employees. Steve supervises crews, guides apprentices and solves problems before they become expensive delays.
Then Steve suffers a major heart attack. His doctor tells him he will be away from work for nine months.
Mike the employer immediately thinks about covering Steve’s projects.
Steve thinks about his family. His work has stopped. His bills have not.
As the household’s primary breadwinner, Steve is beginning to worry. Money has been tight lately as the cost of living has gone up dramatically. Steve knows he doesn’t have enough in his emergency savings to cover the credit cards, let alone groceries, utility bills and of course his children’s sports activities. The mortgage and property taxes, Steve can’t even begin to think where the money will come from in order to not lose the house.
Plan Before Your Team Needs Help
For construction employers, this scenario raises an important question: does your group benefits plan protect employees financially when a serious illness interrupts their lives?
Health and dental benefits provide valuable everyday support. But a major health crisis can create financial needs that extend well beyond prescriptions and dental appointments.
Critical Illness and Disability: Different Jobs
Disability insurance replaces a portion of an employee’s regular income when a covered illness or injury prevents them from working.
Critical illness insurance pays a lump sum when an employee meets the policy’s definition of a covered condition such as life-threatening cancer, stroke and kidney failure. The benefit is tax-free to the insured employee and can help with expenses arising from a serious illness.
For Steve, disability benefits could help support monthly household expenses. A critical illness payment could provide additional money to reduce debt, cover unexpected costs or create a financial cushion.
Give Steve Financial Breathing Room
A critical illness claim means that Steve can just heal. The benefit is tax free and the recipient can use the funds for any purpose, no restrictions. It can be used to clear expensive credit card debt, maintain mortgage payments, and pay for transportation to medical appointments.
It could also help keep his children’s routines intact during an unsettling time.
That financial support can reduce pressure to return to physically demanding work before he is medically ready. It allows Steve to give recovery the attention it requires.
For Mike, as the owner of the electrical business, providing this protection demonstrates that his employees matter beyond the hours they spend on a job site. That commitment can strengthen trust and support employee retention.
Make Protection Part of Your Business Plan
Do not wait for a valued employee’s diagnosis to review your benefits. By then, coverage options may be limited.
Review your plan now. Ask what income protection exists, whether critical illness coverage is included and what affordable additions could help your team.
You plan ahead for equipment failures and project delays. Plan for the people your business depends on, too.
Contact Taivi Tayler, RRC®, CLU®, MFA-P™, CERTIFIED FINANCIAL PLANNER®, at Tayler Insurance & Estate Planning to explore group benefits, as well as critical illness and disability coverage for your construction team. Visit taylerinsurance.com.