Being self employed, what options do I have when it comes to buying disability insurance?
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Asked September 5, 2015
Disability insurance can mean the difference between pulling through a hard time in your life and potentially losing everything you hold precious. For the self-employed, the importance of disability insurance cannot be overstated, so getting the coverage as soon as possible is always in your best interest.
The availability of disability insurance for you will depend on many factors, including your age, occupation, place of residence, risky behaviors you enjoy, and other things. For example, if you are in otherwise perfect health but you enjoy mountain climbing excursions several times a year, you may have to pay higher premiums based on your risky behavior. Similarly, people smoke, use recreational drugs or alcohol, or have a problem with obesity, you will almost certainly have to pay higher rates.
Finding disability insurance is not difficult. You can purchase it directly from an insurance provider, or pick up a disability insurance policy through a brokerage or independent agent. In most cases, you can get a better deal from a broker or independent agent because they represent more than one insurer and will attempt to help you match your needs with your cost considerations.
What you will have to pay for disability insurance, like the premiums for health insurance and life insurance, will depend on you are and health. If you apply for the coverage and have preexisting conditions, getting coverage will either be harder to find or will cost you more to compensate for the increased risk of the condition incapacitating you. The good news is that you can get disability coverage regardless of your current health, so long as you are willing to pay the premiums to do so.
Answered September 8, 2015 by Anonymous