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Can self-employed individuals purchase Disability Insurance? I'm self-employed and I want to know if I can get Disability Insurance to protect myself in case I am unable to work due to illness or injury.
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Yes, self-employed individuals can typically purchase Disability Insurance to protect themselves in case they are unable to work due to illness or injury. Disability Insurance provides income replacement if you become unable to work due to a covered disability. As a self-employed individual, it's important to consider Disability Insurance as a way to protect your income and livelihood. When considering Disability Insurance as a self-employed individual, it's important to understand the different types of coverage available, such as short-term disability and long-term disability insurance. Short-term disability insurance provides coverage for a shorter duration, typically up to a year, while long-term disability insurance provides coverage for a longer period, often until retirement age. It's important to carefully review the policy details, including the waiting period before benefits begin, the benefit amount, and any exclusions or limitations. Additionally, self-employed individuals may have the option to purchase individual Disability Insurance policies or consider group Disability Insurance through professional associations or organizations. It's advisable to consult with an insurance agent or broker specializing in Disability Insurance for self-employed individuals to explore the available options and find a policy that best suits your needs and circumstances.
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