Being self-employed comes with a lot of benefits, but also a lot of downsides. While you’re able to make decisions about everything on your own, you’re also undertaking all the risks, so it’s important to protect yourself against those risks. One of them is the risk of a disability, and you can minimize it through self-employed disability insurance.
What is Self Employed Disability Insurance?
If you’re self-employed, you’re part of a growing trend. More and more people are stepping out of the traditional employment paradigm, and controlling their own future.
You might start your own business, or you could become part of the gig economy, or work as a freelancer. Whatever the case, you’ll find that your decision is incredibly rewarding.
However, you’ll also find that you still face some of the same risks as those with conventional employment, including the need to protect your income if you become injured or ill. Self-employed disability insurance can do just that.
Understanding Your Risks
As a self-employed individual, you take your future in your own hands, but you also take on additional risks. Some employers provide their employees with disability insurance – as a self-employed individual, that does not apply to you. You lack any type of safety net that would protect your income if you are unable to work and earn a living. So, if you were to become injured through an accident, or if you were to be diagnosed with a medical condition like heart disease or cancer, you wouldn’t have a stable source of income to rely on.
Statistics say that one-third of working Americans will become disabled before they retire, a significant number to gamble your odds on. Self-employed disability insurance offers the protection you need against that risk.
Why You Need Self Employed Disability Insurance
As a self-employed, your income opportunities are unlimited and you need the income you earn to pay for your bills and living expenses. However, what would happen if you lose your ability to work and earn? What would happen to your business? Will you be able to pay your expenses? The reality is that disability can strike at any time, and because you are left to fend for yourself, you need to have a way to protect the income you’re producing every month.
This can be done through self-employed disability insurance.
How This Insurance Works
How does self-employed disability insurance work? If you are ill or injured and unable to work, and your insurer decides it is a qualifying disability, you’ll begin receiving payments based on your annual income. You then use those payments to meet your financial obligations.
Of course, you do need to make sure that you choose the right insurer, and the right disability insurance policy. We can help you sort through your options, understand the choices available to you, and make an informed decision based on your specific needs, income level and goals. We work with leading insurers in the US, and we’ll provide you with quotes, information about income protection, and help guide you to an informed, accurate decision.
How We Can Help
When you come to us for help with your self-employed disability insurance, we will start working on your behalf immediately. We have years of experience working in the disability industry, as well as skilled professionals who work tirelessly, so we can help you find the coverage you need quickly and easily. The moment you connect with our team for your requirements related to the self-employed disability insurance cost, we get into a research mode to start looking for the best and bring the best insurance plan with the lowest premium rates.
- Be able to review rates from leading providers of individual disability insurance to make an informed decision.
- Get quotes to compare to ensure that you’re getting the best possible coverage, at a rate that’s right for you.
- We’ll help you learn more about the options available to protect your income to ensure that you get the peace of mind and financial stability that you deserve.
Short Term and Long Term Disability Insurance
When you purchase self-employed disability insurance, you have 2 options to choose: short term or long term disability insurance for self-employed.
Short Term Disability Insurance:
Short term disability insurance, as the name suggests, is a policy that will provide coverage if you’re unable to work for a short period of time, typically several months. This type of disability insurance for self-employed will provide a percentage of pre-disability earnings of the covered individual when out of work on a disability claim. In most cases, a short-term disability insurance for self-employed covers off-the-job accidents and illnesses that workers’ compensation would not cover. Here’s how it works:
As discussed above, a short-term disability insurance for self-employed works by providing the covered individual (self-employed) with financial security during the term of short-term disability. For example, an individual meets with an accident and has sustained severe injuries, due to which he or she is unable to work. Now expenses like medical bills, grocery bills, electricity bills, etc. will be required to be handled. In such cases, a short-term disability insurance program will provide the required financial support.
Long-Term Disability Insurance:
On the other hand, long term disability insurance policies provide coverage if your disability and/or illness prevents you from working for several years. Although the long-term disability insurance for self-employed may vary, most of them typically pay benefits equivalent to 40-70% of their income. The difference here is that the financial benefits you get will be provided for a long-term, depending upon the type of insurance you opt for. So when you pay higher self-employed disability insurance costs, you also get more in return when you need it.
How much coverage do you need?
The first step to finding out how much coverage you will need is to determine the minimum amount necessary for your living expenses monthly and your monthly income.
The coverage of your disability insurance policy should be close to the difference between the monthly expenses and expected income. It’s the amount that should be replaced by the monthly benefit from your self employed disability insurance.
Buy a Disability Insurance Policy While You’re Young
The price of your insurance policy depends on the risk of you filing an insurance claim, and the higher your risk, the more you’ll pay in premiums. One of the primary factors that contribute to being graded as a higher risk person is your age as older you are the more likely you to become disabled. To save money in the long-term, the best option is to purchase disability insurance as early as possible. Each year you age is more money you’ll be paying out in premiums. This way, when you ask for a long-term disability insurance quote for self-employed, you are likely to get the best premium deals as you are less likely to apply the claim, in comparison to the others who are elder to you. So, don’t wait to reach a certain age and then start your insurance plan. The earlier you start, the lower will be disability insurance for self-employed cost.
Compare Rates
It’s not easy to choose the most suitable disability insurance policy that will protect your income should you become disabled by illness or injuries. Insurance companies offer different versions of disability insurance that they consider would be most attractive to their target consumers.
Before you settle for a certain disability insurer, make sure to compare the rates different insurance companies offer, and we can help yo do that. When you turn to us for help with your self-employed disability insurance, we make sure to include you in every step of the process. We work with you to understand all your options in coverage terms and other considerations.
We can help you find the right physical therapist disability insurance for your specific needs. Call us today 1-877-221-6198 or use the convenient contact form we’ve provided on this page to get in touch with us.
