What to Consider When You Get Quotes for Disability Insurance for Self-Employed People

Disability income insurance can be more important for self-employed persons than other career professionals. Whether you are a highly compensated medical or legal professional or an entrepreneur making a living at a trade or e-business, suffering an injury or illness that prevents you from performing the duties of your occupation can cause a financial crisis. Finding good disability insurance for self-employed people involves considering most of the same factors that all seekers of good disability insurance protection focus upon.

• Level of monthly income benefits. Remember that your monthly income benefit will not increase from the inception of a covered disability until its end. Therefore, you should be comfortable that your coverage level is sufficient at all times.
• Elimination (waiting) periods. Waiting periods can range from months to years, all of which affect the cost of your disability insurance. You should be comfortable that the waiting period you’ve chosen, often to provide the lowest disability insurance cost, does not cause a financial problem.
• Benefit period. Another cost factor, you should be comfortable with the benefit coverage you’ve chosen. A policy that provides benefits for two to five years may be sufficient, but having protection that provides for income until you reach age 65 may be more appropriate if you’re self-employed.
• Disability definition. Look for a long term disability quote that has a reasonable definition of a covered disability. As you search for the lowest disability insurance cost available, do not be tempted to accept a restrictive definition of disability. This issue could cost you dearly in the future.
• Insurance company financial ratings. You should take the precaution of learning that a prospective insurer is in stable financial condition to make you comfortable that they will be there for you should you need them.
• Business overhead expense insurance. If you have employees, an office, or a retail location, you should consider business overhead insurance as a companion to your disability insurance for self-employed package. Ask yourself where the funds to keep your business operating will come from, even if you have protected your personal income, should you be unable to work.

Remember to take the time to consider your needs and wishes before you get one or more disability insurance quotes. Your ultimate goal should be to match your benefit package with the ongoing premium cost for this coverage. Refer to your insurance policy contract for specific information regarding your coverage and for actual terms, conditions and exclusions. The above statements are general in nature and may or may not reflect the actual terms of your insurance policy.