Did you know last year there were 14.4 million Americans that were self-employed? When you run your own business it can bring you many benefits, but one of the down falls is the lack of having disability coverage. This usually is provided to employees who work for bigger companies.
While we don’t fail to insure our homes, most small business owners do not consider the implications to their business if they become ill or are injured very badly. Many of these small business owners need individual disability coverage. A typical 20 year old has a one in four chance of disability before the age of 67, the U.S Social Security Administration recently estimated this.
If you are depending on two incomes to pay your mortgage or run a business, what’s going to happen if your partner can no longer work due to illness or accident? There is a disability plan that can cover a single individual that may mean the different between closing your business and continuing to make those monthly payments, while your partner or yourself and get better.
This is much like a life insurance policy, individual disability plan rates are being based off a specific factor such as age, health, gender, and how the policy defines disability.
Even if you have purchased an employer-sponsored plan, you can choose individual supplemental disability coverage that can be bridge to transition from a full time salary to a reduced income. Talk with you agent at Brazelton Insurance Group, and they will assist you and evaluate your finical situation and determine how much income you are going to need to maintain your lifestyle after a disability event.