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 steps in to help cover your needs, letting you focus on taking care of yourself.
PROTECT YOUR INCOME
FUNDS WHEN YOU NEED THEM
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.
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.
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 right now by clicking here. No phone number or email required.
DISABILITY INSURANCE FOR INDEPENDENT WORKERS AND SMALL BUSINESS OWNERS
If you’re an independent worker or running a small business, disability insurance 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.
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.
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 is essential, because the entire idea of unplanned injuries and illnesses is just that — unplanned and unexpected.
WHERE CAN I FIND AFFORDABLE DISABILITY INSURANCE?
You can buy affordable long term disability insurance 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.
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.
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.
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.
IF I GET DISABILITY INSURANCE, WHY DO I NEED HEALTH INSURANCE?
Health insurance is your comprehensive health care and helps pay for preventive care and medical expenses. Disability insurance helps replace a portion of your income if you become disabled and are unable to work.