A BOE plan could be the only guaranteed source of money in the event of a serious illness or injury. But that's not all:
- A BOE plan provides cash at the exact time it is needed.
- Premiums are fully tax-deductible as a business expense. Although benefits are taxable as income, actual business expenses are deductible, which can, in effect, make BOE benefits tax free. (Benefits are designed to be spent on expenses shortly after payment.)
- The plan can help protect the owner's personal and business credit.
- Personal disability benefits, savings and other assets are not depleted.
- If the disability is permanent, the insured is given time to sell the business as a going concern and hopefully will not have to sell at a loss.
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