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 Posted: Mon Oct 13, 2008 4:55 am Post subject: self-employed disability policies |
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Hi all,
Are there any disability policies for the self-employed?
Thanks, Crossbreed
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Crossbreed
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| Posted: Mon Oct 13, 2008 6:31 am Post subject: |
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Why not!
In my opinion disability insurance is more significant for a self employed person than that of a company employee. I'm sure many of the companies would offer sick leave packages for their employees- one benefit which is not there to support the self-employed. That's reason enough for you to look for a disability insurance in case your work-sphere demands it.
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ArindamSenIndies
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| Posted: Mon Oct 13, 2008 6:37 am Post subject: |
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Hi,
I think it would be a good idea to have the support of disability insurance, especially when you need it more than the other professionals.
Conduct a thorough analysis of your finances to know if you have enough cash reserves to support you under such phases. It could even lead you through an exhaustive phase of extended disability. So, its better you think about it right now.
Purpleheaded08
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Purpleheaded08
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| Posted: Mon Oct 13, 2008 7:14 am Post subject: |
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Hey, I don't think you'd find a better option to safeguard your livelihood or protect you from being homeless. Disability insurance would certainly offer you a financial support for all those months that you'd be sitting out of work due to a critical illness or a severe injury. If your business is your only source of income, please make sure that the waiting period for your policy is less. More gets the waiting period, lesser beneficial it would be for you! Mermaid-attitude
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Mermaid-attitude
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| Posted: Mon Oct 13, 2008 7:20 am Post subject: |
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Hi Crossbreed,
| Quote: | | More gets the waiting period, lesser beneficial it would be for you! |
Usually the disability policies would have waiting periods extending from 30 days to 180 days since the onset of disability. But, remember you do have the right to look for a lesser waiting period. You'd surely find ones with lowered waiting periods, but for that you may need to pay an extra bit of premium.
Regards, Evan |
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evan
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| Posted: Mon Oct 13, 2008 7:30 am Post subject: |
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Hi all..
There is another important point which I'd like to mention over here-
Being a self-employed person, you'd need to seek disability coverage in the open market. You won't have the option to opt for such coverage through your employer like the others. But hey, you don't need to think a lot about it, since the process is not quite difficult. I've seen a lot of people who have got individual disability policies on their own. Enjoy!
Caromel_merquez
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Caromel_merquez
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| Posted: Mon Oct 13, 2008 9:25 am Post subject: |
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Hi Crossbreed
Everyone has rightly pointed out that disability insurance is very much available for those who are self-employed. If you look at it this way, a person who is employed has the luxury of availing paid sick leaves which a self-employed individual does not have. In that case a disability insurance is a very safe idea. Sometimes you may also have the advantage of negotiating a shorter waiting period if you want to. But in this case your premiums may be raised. Those who do not have disability insurance through their employers may generally purchase this insurance personally. |
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sil
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| Posted: Mon Nov 24, 2008 4:43 am Post subject: |
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definitely you should opt for a disability insurance.being a self employed person s/he does not have any insurance cover which is by default available for employee of a company.To be on safer side in terms of monetary losses due to disability.
Rather it is more important for the family of that self employed guy. 
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ensurepune
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| Posted: Tue Nov 25, 2008 12:13 pm Post subject: |
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| Quote: | | Are there any disability policies for the self-employed? |
Illinois Mutual has what I consider the best blue collar Disabilty Income Insurance on the market.
Just understand the underwriting for Disability Income Insurance is very stringent.
I'm talkin' 'bout real Disability Income Insurance where YOU own the policy.
Not AFLAC.
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GarySpicuzza
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| Posted: Thu Dec 18, 2008 6:46 pm Post subject: |
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Disability insurance is available for the self-employeed if not engaged in dangerous occupations.
You may be limited as to waiting periods and lenght length of benefit.
Underwriting for you will be more difficult if you do all you work from home. |
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ProAgent
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| Posted: Fri Dec 19, 2008 4:00 am Post subject: |
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Hey pro-agent, great information. however, I'm just curious to know what the following statement means
| Quote: | | Underwriting for you will be more difficult if you do all you work from home. |
What sort of obstacles the underwriter is likely to face in evaluating the application of the policy-holder who does his work from home? Does this mean that the probability of coverage denial is high for the people working from home? |
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simon
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| Posted: Sun Jun 28, 2009 10:13 pm Post subject: Waiting Period |
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It is possible to get a waiting period as short as 7 days but the premium can be much higher than if you are able to wait longer. Also, it is important to understand what the term "total disability" means. It can mean unable to perform the "standard and material duties" of your job or it may be unable to perform "any occupation."
The first one is the best. Under the second if you can do any work at all you aren't totally disabled. |
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wdrazek
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| Posted: Mon Jun 29, 2009 12:00 am Post subject: |
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| Quote: | | It is possible to get a waiting period as short as 7 days but the premium can be much higher than if you are able to wait longer. |
Can you name one insurance company that has a quality long term disability contract that has a waiting period this short? I can't.
| Quote: | Also, it is important to understand what the term "total disability" means. It can mean unable to perform the "standard and material duties" of your job or it may be unable to perform "any occupation."
The first one is the best. Under the second if you can do any work at all you aren't totally disabled. |
It is important to understand what is meant by "total disability". It is also equally important to understand what is meant by my many other terms in the contract. "Any occupation" does not mean that if you can do any work at all you are not totally disabled.
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| Posted: Mon Jun 29, 2009 11:33 am Post subject: |
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Hi wdrazek ,
| Quote: | | It can mean unable to perform the "standard and material duties" of your job or it may be unable to perform "any occupation." |
Does the premium level vary too with the options? I guess since policies with "any occupation" rule have stricter qualifying criteria, it'd have lower premium rate. |
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kelvin
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| Posted: Mon Jun 29, 2009 12:07 pm Post subject: |
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| Quote: | | Does the premium level vary too with the options? I guess since policies with "any occupation" rule have stricter qualifying criteria, it'd have lower premium rate. |
Yes. In general, the better the policy, the more expensive the premium. |
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InsuranceExpert
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