Disability insurance is an important insurance product for everyone—both self-employed and traditionally employed individuals can benefit greatly from its coverage. In the event that you have a disability that inhibits your ability to work according to the scope necessitated by the policy (which can range from total to partial disability for your job and all jobs), you can get a percentage of your former salary paid to you through the policy for a predetermined time limit.
If you are a self-employed individual, disability insurance is a vital protection to provide yourself with. As a self-employed person, you are responsible for creating and paying for your own benefits. If you want to give yourself maternity or sick leave, but still need to pay yourself a paycheck during the leave, then you need to have sufficient funds saved in order to do so. And because your business may suffer from your limited or non-accessibility, you also need to have enough funds saved to continue to pay payroll while you are back in the office drumming up business again. With disability insurance, you can receive payment through your policy and leave your business savings untouched.
But disability insurance for the self-employed isn’t just about ensuring that you get a paycheck without depleting business savings while you are ill or recovering from surgery, it is also about getting benefits for things like maternity leave or taking time off to care for a family member who is ill. And the impact of disability insurance for the self-employed can be even wider spread than that. Imagine if you were diagnosed with a chronic illness that had no cure, or were in an accident that impacted your ability to do your work and you actually had to close your business.
Disability insurance can provide continuous benefits that keep you and your family afloat if you become unable to work or run your business on a permanent basis.
There are a lot of different responsibilities that you must face as a self-employed individual, but one of the most important is planning and implementing the current and future financial security of your family. As you grow your business and create more income, you are well on your way of doing that; disability insurance can step in to act as your safety net in the event that an accident or illness impacts your ability to continue to grow your business and get your family’s finances where you want them.
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