by Guest » Tue Sep 13, 2011 05:50 am
I'm a self-employed person. How can I get a disability insurance. My friend tells me that disability insurance provided by employers only give good coverage others don’t. Is this true? Please advice.
Posted: Tue Sep 13, 2011 11:01 am Post Subject:
As a self-employed person, you can definitely buy an individual disability insurance policy.
Disability insurance usually pays a part of your income, generally 60 percent, on the event of your disability due to illness or injury.
Individual policies can also provide good coverage should you need it. Make sure you know what you buy, and buy it from a renowned company. You may also opt for a group plan that a trade association might provide, depending on the industry or trade group you belong to.
Posted: Fri Sep 16, 2011 01:21 am Post Subject:
Congrats on taking the first step to protecting your income. Your friend probably means well, but he/she is mistaken....group disability insurance policies are generally terrible (though better than nothing). Individual disability policies from a good company like Guardian/Principal/Standard/MetLife will be far superior to anything you can get through a group.
One major factor for a self-employed person is whether you have a home-based business. If you do, the amount of time you spend at home will affect the amount of coverage and optional riders the insurance company will allow you to purchase.
You need the help of an independent disability broker to guide you through the DI maze. There are many differences between policies that determine how claims are paid, when they are paid, and how much is paid.
If you want some help, feel free to contact me.
Posted: Tue Sep 20, 2011 11:53 am Post Subject:
Disability insurance quotes will depend on type of business you are in, and it will give you coverage according to chances of disability.
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