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 Posted: Mon Dec 21, 2009 6:52 am Post subject: Disability insurance for the self-employed |
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Is there any specific kind of disability insurance available for the self-employed in US?
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h_bolton
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| Posted: Mon Dec 21, 2009 9:32 pm Post subject: |
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There is disability insurance for the self-employed. Whether you can qualify for a decent policy would be dependent upon your taxable income and your occupation along with other factors.
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fjalra
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| Posted: Mon Dec 21, 2009 11:29 pm Post subject: |
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By specific what would you be referring to? Disability insurance is underwritten spcecifically to your occupation (self employed included).
There are also disability products that are specifically for certain concerns that business owners would have. |
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BNTRS
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| Posted: Wed Dec 23, 2009 6:34 am Post subject: |
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| Being self-employed, neither do you have the choice to opt for sick leaves nor do you have the option of employer-backed disability insurance. Hence the only way out is opting for disability insurance. |
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steven
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| Posted: Thu Dec 24, 2009 5:26 am Post subject: |
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Disability insurance is truly helpful for the Self-employed. It protects your assets whenever you're passing through an adverse phase. It saves you from certain income loss. It compensates for food and your other daily expenses.
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Juanita
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| Posted: Tue Dec 29, 2009 7:20 am Post subject: |
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| A self-employed person has some risks. He's not covered under the initial form of SSD benefits due to non-payment of taxes towards the tax fund. Even if he wishes to avail the SSI benefits, he can't really be sure of the time it'll take to get approved of such benefits. A disability insurance policy would save him from all hassles. |
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roddick
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| Posted: Wed Dec 30, 2009 2:23 am Post subject: |
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| Quote: | | A self-employed person has some risks. He's not covered under the initial form of SSD benefits due to non-payment of taxes towards the tax fund. |
While agree with the notion that owning individual disability insurance will result in a higher likelihood of receiving benefits when sick or hurt.
BUT...
The quoted section above is simply untrue. Self employed individuals pay FICA taxes just like a wage earning employee does--in fact more. This entitles them to SSI just like anyone else. The same requirements remain. |
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BNTRS
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| Posted: Wed Dec 30, 2009 6:49 am Post subject: |
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Disability policies would usually have 30 days to 180 days of waiting period following the disability. The insured may negotiate for a lesser waiting period. With shorter waiting period, the cost of insurance may increase.
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anonymous00
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| Posted: Thu Dec 31, 2009 1:09 am Post subject: |
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| Negotiate for a lesser waiting period? I'd think not. The insured can choose the waiting period on the policy when they apply, but there's no negotiation. It's not like the insurance company has to ok their desire for a shorter or longer waiting period. |
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BNTRS
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| Posted: Thu Dec 31, 2009 6:34 am Post subject: |
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Yes, the waiting period is rather imposed and stated in your policy clauses. If you have an option to go for a shorter waiting period, then you'd pay for higher premiums.
You may probably choose your benefit period which could be anywhere between months, may be years or for your life time. |
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RupertWBradson
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