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Home >> Solutions for Individuals >> Disability Insurance
Injuries and illnesses happen. Be prepared with disability insurance for self employed workers.
Most of us rely on business income to pay our bills. If you weren’t able to work for a period of time due to an illness or injury, disability insurance for self employed individuals steps in to help cover your needs, letting you focus on taking care of yourself.
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Common Questions About Disability Insurance
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Disability Insurance for the Self Employed
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Common Questions About Disability Insurance Coverage
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Disability Insurance Policy Types
COMMON QUESTIONS ABOUT
DISABILITY INSURANCE
WHAT IS INDIVIDUAL DISABILITY INSURANCE?
One of the biggest drawbacks to being your own boss is not having the umbrella of benefits that come with working for a big company. But on the other hand, you do get to decide how much money you make, set your own hours, choose your own projects, and be your own boss, which is pretty awesome. And, thanks to individual disability insurance, you can get affordable disability insurance with the same financial protection straight from an insurance provider. That way, if you do become disabled, you may still be able to receive a portion of your income while you recover so you can focus on getting better.
Learn More: Disability Insurance – Common Questions and Answers
90% of long-term disabilities result from illnesses rather than accidents.
WHY IS THE BEST DISABILITY INSURANCE THROUGH WOLIGO?
At Woligo, we care about independent contractors and small business owners, which is why we have partnered with Assurity to offer you the very best disability insurance for self employed workers.
As a mutual organization, Assurity was founded on the simple concept of people coming together to support each other in moments of need. They help people through difficult times by providing affordable insurance protection that’s easy to understand and buy. For more than 130 years, Assurity’s stability and financial strength have stood the test of time. As a Certified B Corporation, they’re committed to using their business as a force for good. Assurity treats every customer with the attention they deserve. Get real, responsive, and efficient answers from a real person in their Lincoln, Nebraska headquarters.
You have nothing to lose – get a commitment free quote. No phone number or email required.
Learn More: Disability Insurance – Common Questions and Answers
WHERE CAN I FIND AFFORDABLE DISABILITY INSURANCE?
You can buy affordable long term disability insurance for self employed individuals like you through Woligo, right now. In fact, you can get a commitment free quote – without even having to enter your email or phone number – by clicking here.
Learn More: Disability Insurance – Common Questions and Answers
HOW MUCH DOES DISABILITY INSURANCE COST?
Your insurance premium is generally based on your desired coverage and your annual salary, along with other life factors. Typically, you can expect to pay one to four percent of your income towards your insurance premium. The factors considered when calculating your insurance premium include:
- Your salary
- Your occupation
- Your age
- Your gender
- Your health history
- Your location
- Your benefit amount
- Your benefit period
When choosing your insurance plan, you should also consider planning for future expenses, such as retirement or children’s education expenses.
Disability insurance for self employed workers is essential, because the entire idea of unplanned injuries and illnesses is just that — unplanned and unexpected.
Learn More: Disability Insurance – Common Questions and Answers
WHAT ARE THE ADVANTAGES OF INDIVIDUAL DISABILITY INSURANCE?
Even if you do work for a big company that offers disability insurance, there are still many advantages that come with getting your own policy outside of your employer. Many people think that individual disability insurance is the best disability insurance to get because:
Once you have a good understanding of your monthly expenses, it’s time to take a serious look at your emergency savings. The goal here is to determine how long your savings could cover your expenses if you were disabled and unable to work for a period of time. Considering your savings and expenses, you’ll next turn to your salary. Calculate what percentage of your salary could cover your remaining expenses (after using your emergency savings) in case of a disability.
- You get to customize your coverage to tailor your needs
- You can keep your coverage when you change jobs (if a medical condition arises and your disability insurance is tied to your employer, you may have problems getting insured elsewhere if you decide to leave or change jobs)
- You can collect your benefits tax-free in case you do become disabled. If your employer pays for your coverage, you have to pay taxes on the benefits.
Learn More: Disability Insurance – Common Questions and Answers
WHEN SHOULD I GET DISABILITY INSURANCE?
The prime time to protect your income is BEFORE your health begins to deteriorate, aka while you are still young and healthy! A common misconception about disability insurance is that it is only for the aging, but that’s not the case. The best way to maximize your return is to get it early.
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WHAT IS THE LIKELIHOOD I WILL ACTUALLY NEED DISABILITY INSURANCE?
The chances are a lot higher than you might think. The reality for 20-year-olds is that more than 1-in-4 of them will become disabled before reaching retirement age.
Learn More: Disability Insurance – Common Questions and Answers
1 in 4 people over the age of 20 will become disabled during their working lives.
DISABILITY INSURANCE FOR
SELF EMPLOYED WORKERS
DISABILITY INSURANCE FOR INDEPENDENT WORKERS AND SMALL BUSINESS OWNERS
If you’re an independent worker or running a small business, disability insurance for self employed individuals is likely super important to your work-life world. Why? If you become sick or injured and can’t work for some time (and it’s confirmed by a doctor) disability is designed to cover up to about 60% of your paycheck or income. That’s why it’s sometimes nicknamed “paycheck protection.” Basically, disability insurance for small business owners helps make ends meet, until you get back on your feet.
Disability insurance has earned the moniker “disability income insurance” because that’s what it is. When you can’t work because of a serious illness or injury, disability insurance helps cover living expenses, like bills and groceries. Its purpose is to replace a percentage of your income. The difference between it and other health insurance plans is that disability benefits are paid directly to you.
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WHY DO INDEPENDENT CONTRACTORS NEED DISABILITY INSURANCE
It can be hard to imagine getting an illness or injury that could keep you out of work for a period of time. But, did you know that more than a quarter of people are likely to experience an illness or injury that makes it impossible to work for at least one year before they reach retirement age?
Unexpected events happen in life. Cancer and mental health issues are two common reasons for disability insurance, and both of these conditions, as well as others, could pull you away from work for months or even years. As a self employed individual, your income depends on your ability to work. If you become disabled, you could lose your income.
Disability insurance benefits for independent contractors help keep you — and your small business — afloat so you can focus on getting better.
DOES WOLIGO OFFER GROUP DISABILITY INSURANCE FOR SMALL BUSINESSES?
Woligo does not offer group disability solutions currently. However, if you are interested in learning more about partnership opportunities to promote our individual solutions to your employees, please contact us.
WHAT IF I CAN’T AFFORD DISABILITY INSURANCE FOR MY EMPLOYEES?
Disability insurance can be costly because it offers so many benefits, and that might not be in the cards for every small business. But that doesn’t mean you still can’t offer it to your employees. One option is to partner with Woligo to offer disability insurance as a voluntary benefit that employees can opt into and pay for themselves. Contact us to learn more.
7 in 10 working Americans couldn’t make it a month without a paycheck before having financial difficulties.
COMMON QUESTIONS ABOUT DISABILITY INSURANCE COVERAGE
WHAT DOES DISABILITY INSURANCE COVER?
Disability insurance benefits come into play when you have an injury or illness that limits your ability to work. This insurance covers critical illnesses, including heart attack, stroke, cancer, organ failure, cognitive impairment, and serious injuries that lead to an inability to work.
Learn More: Disability Insurance – Common Questions About Coverage
HOW MUCH COVERAGE DO YOU NEED?
Disability insurance coverage needs depend primarily on your expenses, since the benefits you could receive are meant to help replace a portion of your income. To understand what level of coverage you need, you’ll need to calculate how much money is required to pay your bills, loans, and other expenses while you are not working.
Once you have a good understanding of your monthly expenses, it’s time to take a serious look at your emergency savings. The goal here is to determine how long your savings could cover your expenses if you were disabled and unable to work for a period of time. Considering your savings and expenses, you’ll next turn to your salary. Calculate what percentage of your salary could cover your remaining expenses (after using your emergency savings) in case of a disability.
Learn More: Disability Insurance – Common Questions About Coverage
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WHAT TYPES OF DISABILITIES ARE COVERED?
Your exact coverage will depend on the specific policy you choose. Still, you can rest assured that an individual disability insurance plan through Woligo can help pay for various disabilities and situations. For example, if you are totally disabled, your benefits could pay for a rehabilitation program designed to help you return to work; it may help pay for modifications to your home to improve access or use of facilities, and much more.
Learn More: Disability Insurance – Common Questions About Coverage
HOW LONG DO YOU RECEIVE INDIVIDUAL DISABILITY INSURANCE BENEFITS?
The length of time you can receive benefits depends on what policy terms you choose. Some plans let you choose a benefit period that would last a certain number of years, or up to a certain age, like 65. The shorter the benefit period, the more affordable disability insurance is. The longer the benefit period, the pricier the policy.
Learn More: Disability Insurance – Common Questions About Coverage
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DISABILITY INSURANCE POLICY TYPES
WHAT IS SHORT TERM DISABILITY INSURANCE?
Short term disability insurance is precisely what it says: short. Payments only last for a few months to a year, and they can replace up to 80% of your pre-tax income. The elimination period, or time before benefits are paid out, is generally around two weeks—so you can get your payout faster than with long-term coverage. Common disabilities responsible for short term disability claims are:[1]
- 20% of short-term disability claims are due to musculoskeletal disorders that affect things like the back and spine, knees, and hips
- 7.8% of short-term disability claims are due to digestive disorders such as hernias and gastritis
- 7.7% of short-term disability claims are due to mental health issues
- 7.5% of short-term disability claims are due to injuries such as fractures, sprains, and strained muscles or ligaments
Learn More: Disability Insurance – Policy Types
WHAT IS THE LONG TERM DISABILITY DEFINITION?
Long term disability insurance is a type of insurance you can buy that pays out monthly benefits if you become too ill or disabled to work. The benefit period can last two, five, or ten years, or even until retirement, and the monthly benefit is up to 60% of your gross monthly income. The most common types of disability that cause long-term disability claims are:[2]
- Musculoskeletal/Connective Tissue Disorders and Conditions: the most common are back pain, degenerated disk, arthritis, osteoporosis, and rheumatism.
- Nervous System-Related Disorders and Conditions: the most common are Multiple Sclerosis, Alzheimer’s Disease, Parkinson’s Disease, Shingles, Epilepsy, and Seizures.
- Cardiovascular/Circulatory Disorders and Conditions: one person dies every 36 seconds in the United States from cardiovascular disease.[3]
- Cancer and Tumors: The American Cancer Society estimates that 41% of men and 38% of women will develop some form of cancer within their lifetime.[4]
- Mental Disorders: The most common of which is depression and anxiety.
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HOW DOES LONG TERM DISABILITY WORK?
Long term disability works by replacing a portion of your income after you have suffered an injury or disability and cannot work. When you find the best disability insurance for you, you will complete the application and make decisions like your policy’s elimination period, benefit payment, benefit period, etc. You must pay your monthly premiums to keep your policy active.
Once you suffer an illness or injury and are unable to work for an extended period because you are totally disabled, it’s time to file a claim. Once your claim is approved, you will begin to receive monthly benefits after your policy’s elimination period has ended. And if you are still wondering how long-term disability works, you can learn more about our affordable disability insurance options.
Learn More: Disability Insurance – Policy Types
IS LONG TERM DISABILITY INSURANCE WORTH IT?
We definitely think long term disability insurance for self employed workers is worth it. You can expect to pay 1 – 4% of your income towards your insurance premium on average. While you might not want to pay the premium now, you will be glad you did and that your income is protected if you become disabled and are unable to work. Paying 1 – 4% in premiums now is better than losing 100% of your income down the road.
Learn More: Disability Insurance – Policy Types
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