Disability Insurance For Self Employed

As a self-employed professional, whether working as a freelancer, owning a professional practice, or having your own business, you are not a part of any organization, which means you are not going to get benefits from the group or worker’s disability insurance plans. But it doesn’t mean that you should leave your family and close ones in trouble, in the event of a physical or mental disability. There are disability insurance plans designed for every kind of working professional, including self-employers. Just imagine, you get a physical problem that prevents you from working even from home and you need complete rest for a month or two. In such cases, you can rely on disability insurance for self-employed professionals.

What is self-employed disability insurance?

As the name suggests, disability insurance for self-employed professionals is a kind of insurance plan that is designed to provide financial support in the event of a mental or physical disability. A disability can happen due to various reasons such as a medical or accidental reason, which can result in temporary or permanent disability. Physical disability can be defined as a loss of a sensory organ like sight, speech, or hearing. And when such a situation happens, you are unable to join the work and earn money. In order to keep yourself prepared for any such uncertain situation, it is very important to have comprehensive disability insurance that covers most disabilities.

When you have long-term or short-term disability insurance for the self-employed, you will always have a partner who will act as compensation for self-employed professionals who are not part of an organization and cannot reap the benefits of employer-provided benefits. As an earning member of a family, it becomes very important for every individual to protect the financial security of their dependents. So, make sure to get a long-term disability insurance quote for self-employed with Quixory now to know the benefits you can get.

The types of coverage you should consider

When opting for long-term disability insurance for self-employed, it is very important to keep in mind everything related to the plan you are going to buy. Here are some common coverage that you will get with a comprehensive disability insurance plan.

Individual disability income insurance – Disability insurance for self-employed will provide you financial freedom in the event of a disability for a long term or long term. This is very beneficial when you are unable to work due to injury or illness. When you buy a policy, you sign a contract with an insurance company that defines the following:

• Premium: This is the amount you will pay monthly or weekly to receive the benefits of your insurance plan. The premium you pay may vary according to various factors such as your age, occupation, gender, medical history, lifestyle habits, etc.
• Benefit: When you buy a disability insurance plan, you also have the option to choose the monthly or weekly amount of money you will receive when you are unable to work. Generally, the benefit should be between 60% to 80% of your monthly income. The less amount you choose to receive, the less will be your premium for the insurance policy.
• Benefit period: This is the period of time during which you want to receive financial support from the policy provider. The amount of time you choose can range from a few years to retirement, or until you recover.
• Waiting period: This is another common part of the disability insurance for self-employed, which is also called an elimination period. The waiting period is the time after you are disabled until you can start receiving benefits.

Business overhead expense disability insurance – It is a fact that when you become disabled and don’t work for a long time, your business sales figures and your income will drop to a significant level. At the same time, your expenses increase as you have to take care of medical bills too. So, when you get a long-term disability insurance quote for self-employed, you can also expect to receive business overhead expense coverage, based on the type of plan you are opting for.

Choosing the best disability insurance for self-employed individuals

Just like health insurance, life insurance, or car insurance, there are various factors to keep in mind when buying long-term disability insurance for self-employed. The following are the things you need to consider before making a final decision:

• Select Adequate Cover Amount – For an individual applying for short-term disability insurance for self-employed, it is very important to select the correct amount of coverage that you will receive in the event of disability. It is suggested to closely assess your needs by adding your rent, monthly expenses, groceries, etc., and then calculate the right coverage amount for your disability insurance plan. Choosing too little amount can lead to financial disturbance while too high amount can lead to very costly premiums.
• Analyze plans based on disabilities covered – For an individual applying for a disability insurance plan, it is highly suggested to research well and then make the right choice, based on the market research and comparison of other options available on the market. It is highly suggested to go with a comprehensive plan as they are more effective than the limited disability coverage, regardless of its premium rates.
• Read All the Policy Documents – Have you ever been stuck in a situation when you were denied a claim because you accepted the policy without understanding the terms and conditions? This is a situation that many people come across. This is why it is very important to read all the conditions very closely. If required, you can also consult with professionals at Quixory to get better clarification of the policy terms.
• Policy Exclusions – Not all insurance plans are the same. Some also come with some legal and natural exclusions, which is very important for an individual to understand as they’re often printed in very fine prints. Check everything related to the policy exclusions to avoid any kind of issues when you apply for a claim.

Talk to a professional to explore the right solutions

Getting disability insurance for self-employed can be a complicated decision as you are going to make a decision that will directly impact the financial condition of your family members, especially when you are unable to work. If you do not want to feel bad about your decision, it makes sense to take the right step now with the help of our experts at Quixory. We have been providing self-employed individuals with a wide range of disability insurance plans from the top insurance providers so that you can stay comfortable about your financial freedom in the event of a disability.

Based on your current income and expectations from the self-employed disability insurance plan, we can provide you the best quote so that you can make the right choice. At the same time, our professionals will also be able to suggest possibilities beyond the basic items so that you have a comprehensive insurance plan that takes care of everything you need in the event of disability. Get your long term disability insurance quote for self employed now and protect your family’s future with the right type of disability insurance plan.