You enjoy being your own boss. Really cool! Your business is growing from strength to strength. Even better! But, think about this for a moment.
Let’s say you become a victim of a freak accident or suddenly a chronic disease strikes. No one wants that to happen for sure.
However, the reality is that some of these unfortunate accidents or sicknesses are just part of life. Because you can’t really tell what lies ahead, it is always prudent to prepare for the unexpected.
For one thing! If you are your own boss, it means you have no one else to cover your back in case you cannot work and earn as usual.
To say the least, the best you can do now is to have a disability policy in place. That way, you can stay afloat when injury or illness keeps you out of work.
Basics you need to know about disability insurance
- You can choose between long-term or short-term disability cover
- Short-term insurance usually provides compensation for a period of three to six months or even a year depending on the plan
- The long-term cover takes over beyond the duration of temporary policy normally for several years as you agree on the policy document
- Both types of cover compensate a fraction of normal income somewhere between 60 to 70 percent for the period covered
- The policy comes into force once illness or injury keeps you out of work and causes income loss
Some of the common conditions covered include: - Musculoskeletal disorders
- Cancer
- Pregnancy-related complications
- Mental health challenges
- Accidental injuries (on and off work) and more
That’s why they need to have the right self-employed disability insurance for them, that will protect their income and help them to get through hard times. if you are self-employed and looking for disability insurance you can get self-employed disability insurance here.
