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What if you become sick or hurt and unable to work?

stethoscopeTherapists, especially those in private practice, should seriously consider some sort of disability insurance coverage to protect them in case of accident or illness.

Most people don’t realize the risk of becoming disabled as the result of an illness or injury at some point in their lives – or how it can affect their ability to work, to earn an income, and to provide for themselves, their families, or their businesses.

Life is full of significant moments. Some of them you plan, like buying a home or starting a new business. Others you don’t, like divorce or becoming sick or hurt. Either way, these are the events that shape your life. These are also the moments that affect your financial stability. Just imagine what would happen if your income suddenly stopped because you became sick or hurt and unable to work for a significant amount of time? Do you have sufficient protection for you, your loved ones, and your business?

If you are a business owner, the responsibility of owning and managing your business rests on your shoulders. In the event of a disabling illness or injury, Individual Disability Income Insurance, Business Overhead Disability Insurance, Disability Buy-Sell Insurance can provide income for your personal expenses, help cover your day-to-day business expenses, and funds to purchase your share of the business if you have a partner. Most importantly, disability insurance helps protect your most value asset – that is your ability to work and earn income, and provide you, your family, and employees peace of mind while you recuperate.

Some facts and tips to consider –

  • Nearly 90% of disability claims are due to illness, not accidents. The average duration for all MassMutual Disability claims based on claims incurred from 1986 to 2017 was 4 years.
  • Apply for disability insurance coverage when you are healthy and young to lock in lower rates. Apply when you have a profitable tax year to secure higher coverage.
  • Choose individual plans that are non-cancellable so premiums cannot be increased later.
  • If you have employees depending on you, high business overhead expenses, and outstanding business loan, consider buying Business Overhead Expense disability insurance policy.

To learn more about Disability Income and Business Overhead Expense Disability Insurance plans, what it covers, plan designs, quotes, and how to qualify for coverage, please consult with a Financial Advisor or Insurance Agency.

A google search that can help you get started is:
“Disability Insurance plans for small business owners”

Our thanks to financial advisor Tina Wang for her assistance with this article.

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