Alan freezin here certified Employee Benefit Specialist. Generally I provide you tips to help you get the best value out of your employee benefit program. This one's a little different. This message is aimed at entrepreneurs and business owners. I think that there are many of you out there that know your stuff. You've been in business for a while you've created all the great relationships you need with your suppliers and your customers and your employees.
You know about the products that you have to offer and how they meet your customers needs. You can weather basically any storm, if the economy's law doesn't matter, you're going to you're going to survive that challenge. I think that you are in many cases, you're going to be guaranteed success saved for one thing, if you suffer a failure of health that could also stop your business success. So what am I suggesting that I have the solution to your health forever? No, I don't have that. But I certainly have some ideas and thoughts and vehicles that may help you to mitigate that risk.
And speaking of risk, what is the risk? Well, if you go on insure write.ca, and you put in your age, your gender your smoker status, they come up with some stats. As an example, if you're a 40 year old male nonsmoker, and you are 33%, likely to have a disability before age 65, you're 26% likely to have a sufferer critical illness before age 65 and your 6% likely that you will die before age 65. So collectively, that's a 49% risk of one of those three things happening. So what kind of things can you do to reduce that risk? Well, there's three different vehicles that are commonly used to minimize those sorts of risks.
One is that you have disability insurance that instead of just paying you or In addition, I should say paying you replacing your earnings that you draw from the company also covers the disability expenses or the ongoing expenses for your business should you become disabled. So that's one thing that would help your business survive your disability. A second thing is that there's an executive health type programs. So these executive health programs are where you apply for them in advance. And then should you need medical services, you can access those medical services anytime, anywhere in the world. So that's something that you could certainly reduce the impact of a failure of health on you and your business.
The third thing is benefits called critical illness benefits. So critical illness benefit is where you can you suffer a critical illness, and then it just pays you a flat amount of money. You use that money for anything that you need it for. So it might be to bolster your finances for your business might be to change things in your environment to better suit survive your new reality, it might be that you travel somewhere else to get medical care. So you can use it for anything. There's no restrictions on the use of it.
So those are three tools that you could use that would help to reduce the impact of suffering a failure of health. On my website now increasing.com, there's a tab called publications. If you look there is a publication regarding failure of health and how you minimize those impacts of a failure of health. So if that's a further interest, you give that a look or contact me my email and my, my cell number and all my contact informations available on the screen here. And keep Well thank you very much.