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Disability Insurance and the Self-Employed (Part 2)

Sep 11th, 2009

self-employedFor those individuals who are self-employed and living in New York, the risk of a catastrophic disease affecting you is relatively high. The reason why having affordable health insurance of any kind is so important. The possibility of participating in a major accident is close behind. There are so many possibilities that could occur every time you step outside your home. I am sure you made a conscious effort to research personal medical insurance coverage and incorporated the monthly fees into your overall costs.  Tell me about disability insurance coverage. Is this not of equal importance? Now is the time to protect yourself from losing everything you have.

Individual disability insurance policies cover many things, depending upon which individual health insurance policy you enrolled with and your standing coverage. Like medical insurance the expectations vary depending upon your monthly payment.

    1. Most, if not all of your daily expenses
    2. Most, if not all your routine monthly bills
    3. Your automobile payments and insurance premium
    4. Groceries and transportation expenses if needed

Monetary benefits you will receive though, goes back to the original disability insurance package you choose. You will need to read what your policy entails to find the details of the health insurance coverage provided. Some individual disability insurance policy packages will provide a fixed amount, such as $4500.00 per month for as along as genuinely needed. Others will divide the future expected payments by the number of weeks estimated to be needed until well enough to resume your business. Still other disability insurance providers will seek to pay out once a year and the monetary amount to carefully calculate.

In they go into detail explaining for your convenience how to select the disability insurance policy that will compliment your current insurance to suit your individual needs. Whether you prefer comprehensive coverage with a low deductible with even higher monthly health care premiums or selective coverage in lieu of a high deductible and lower monthly premiums, you will find the plan that will work.

You need to have a good understanding of how the potential insurance provider defines disability before you sign on. Is this to define as an “Own Occupation”?  The inability to perform material duties while at your current occupation. The other is “Gainful Occupation” which by definition is the prevention not only to perform your duties at your current occupation, but any other occupation as well based on your level of education and past training.

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