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Disability Insurance for Self Employed

Disability Insurance for Self EmployedThere is a lot to like about being self-employed. Okay, there is a lot to love. After all, who wouldn’t want to be their own boss? Without a supervisor looking over your shoulder every few minutes, you are free to make your own decisions and chart your own course. That course should include a thorough understanding of Disability Insurance For Self Employed Individuals and Couples.  More and more people are taking the self-employed path these days, and it is easy to see why. For generations, employees have complained about their bosses, and the lack of freedom they have when employed in a traditional sense. By carving out a niche in the self-employed world, all of those issues go away.

Of course, as a result, some other issues pop up. When you are self-employed, you don’t have to deal with the negative sides of traditional employment – but you don’t have the benefits that come with a ‘normal’ job, either. One of those potential benefits is disability insurance. Some positions offer short-term disability insurance, long-term disability insurance, or both. As a self-employed individual, that benefit is not going to be afforded to you automatically. If you wish to have coverage, you are going to need to purchase disability insurance for self-employed individuals.

And that’s exactly why we are here! At Disability Insurance Coach, we help individuals in all different industries obtain the disability insurance policies they need by connecting you to a licensed and highly trained disability insurance coach. It is possible to be injured on the job in nearly every occupation, even if it doesn’t seem likely. Even more possible, in many cases, is that you could become injured away from the job in a way that prevents you from working. When that happens, those monthly bills that you normally pay without trouble could become a serious burden.

A Solo Act

Most self-employed persons are out there all on their own. You don’t have a team backing you up, or even a single co-worker to turn to for help. Every dollar you make is yours to keep – but you have to keep working in order to make those dollars. Have you ever thought about what would happen to your self-employment if you became unable to work for a period of time? Most likely, it is not a pretty picture and that is why you need to have Disability Insurance For Self Employed individuals.

It is important to understand that we are not just talking about self-employed workers who are barely scraping by. Even if you are highly successful at what you do, becoming injured or ill and unable to work is a serious problem. Most people can’t afford to exist for very long without some stream of income, and yours could suddenly stop if you run into a physical issue. Depending on the kind of work you do, it might not even need to be a serious injury in order for you to be either out of work, or to have your capacity for work to be reduced.

Disability insurance for self-employed individuals is all about finding someone to have your back. When you have this kind of insurance policy behind you, there will be a safety net available in case something does happen. You’ll no longer be a solo act in this sense – the insurance company that backs the policy will be ready to make payouts if you file a legitimate claim. This is great peace of mind even if you never run into physical problems, and it is a huge advantage if you do wind up needing to use the policy.

Three Choices – Only One Good One

You only have three options to choose from when the unexpected accident or illness happens, and your stream of income suddenly dries up.

  1. You can deplete your savings and retirement accounts
  2. You have a wealthy family member that will pay your bills for you
  3. You planned ahead and have a disability insurance policy in place that delivers monthly, tax-free cash to your bank account, until you are ready to get back to work

Of course, those three choices above don’t even mention an ugly fourth choice – not paying your bills. If you simply have to stop paying your bills because you don’t have any funds available, a number of negative outcomes are likely to follow. You may see your credit score take a nosedive, for example, and you may even lose your place to live. All of this ugliness can be avoided simply by taking out a disability insurance for self-employed policy in advance.

Do Some Math

If you aren’t convinced that you really need to hold a disability insurance policy, all you need to do is some quick math to likely prove yourself wrong. Think about your bills, think about how much money you have in the bank, and start to figure out how long you could stay current on your bills when the income stops. It all likelihood, you wouldn’t be able to make it long. That isn’t anything to be ashamed of, as most people wouldn’t last long if their income went away.

It will only take a few minutes to do this kind of math, and it will be eye-opening. Being self-employed is the same as running your own business – you are running your own business, in fact – so it is your job as the boss to protect against future events. Large companies have many insurance policies to protect against a variety of possibilities. While you aren’t going to hold all the various policies used by a major corporation, disability insurance for self-employed is one easy way you can add some security to your future.

So, What’s the Secret?

In the title of this post, we mentioned a ‘secret’ of disability insurance for the self-employed. So, what is it? Well, it’s probably not that much of a secret, after all. The ‘secret’ is that disability insurance is an easy way for you to add a layer of protection for your business that does not exist naturally for the self-employed. Those who work for themselves tend to feel like they are out there all alone, and to a large degree, that is true. But it doesn’t have to stay that way. If you would like to build a bit of a safety net, you can start by securing a disability insurance policy. Knowing that you are covered in case something physical knocks you off the job can be a great relief.

The Next Step

In the digital age, something like signing up for a disability insurance policy is relatively quick and easy. Using Disability Insurance Coach, you can find the perfect policy for your needs. The right coverage is going to depend on how much income you will need to replace in the case of an injury or illness, and how long you would like the coverage to last.

Thank you for taking the time to learn a bit about disability insurance for self-employed individuals. Holding this kind of policy is a great idea for self-employed persons in a wide range of fields. If your income would be compromised, or completely cut off, by an injury or illness, disability insurance is an easy choice. Thanks for reading and we hope to serve you soon!

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