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Consultants are busy – and busy professionals work hard to advance to the positions they’ve earned. This is precisely why it’s so important that you, as a consultant, protect your career, your family, and your finances with disability insurance for consultants.
This type of coverage is the best way to secure an alternate means of income in the event that you become disabled or injured to the extent that you are unable to perform the duties of your consultant position. The statistical probability that you will become unable to work in your occupation is higher than you might think: According to the Council for Disability Awareness, 25% of today’s 20-year-olds will become disabled before they retire. Protect your hard-earned lifestyle with the right insurance. LifeInsure.com can help you find it.
Why You Need Disability Insurance for Consultants
Imagine how your world would change if you suddenly were unable to work as a consultant. If that time should come, would you have enough in your savings to maintain your lifestyle for 34 months (the length of the average long-term disability claim)? What about the fine print? There are many options, riders, stipulations, and details you need to be familiar with to make sure you and your family are covered sufficiently.
One of the most important components of a sound policy is the “own occupation” definition of disability, as opposed to an “any occupation” definition. When you’ve worked so hard to accomplish all you have, you want to ensure that your policy benefits will cover you if you cannot work in your own occupation – not just any occupation. For example, if you’re not able to work as a consultant, but could still do a desk job making a fraction of the salary you’re used to, “any occupation” coverage would not pay you benefits. If you had “own occupation” coverage, however, it would, because even though you can work in another occupation, you can no longer do so in your own.
What Should You Include in a Good Disability Policy for Consultants?
- Good disability insurance for consultants should define your occupation specifically. Be sure that it contains detailed descriptions that are as accurate as possible. Instead of it just stating that your occupation is a consultant, be sure that it states your specialty, concentration, or field of interest as well.
- Even if you have a policy that is a part of group coverage through your workplace, be sure that you also have an individual plan that covers any gaps. Group policies are usually a “one size fits all” benefit, and are usually not enough to sufficiently maintain the income level you’ll need for your lifestyle.
- LifeInsure.com can give you quotes from the top providers in the industry for disability insurance for consultants. Your policy should be backed by a company that is well-established and financially strong. You’re going to want to make sure that the premiums you pay are going to a company that will be around for a long time into the future, should you need it.
- Be sure that there are recovery and residual benefits that are a part of your policy. These benefits vary from one company to another, so be sure that you obtain the details from each potential provider you are considering. These benefits might either be included in your base coverage or offered as an option, so make sure you find out which one is which in your coverage.
There are diverse ways that claims are paid depending on various policies and companies, so be sure that you consider them when you are obtaining disability insurance quotes. In addition, you’ll want a policy that covers income during your recovery period, but stay away from those that only define residual disability as loss of time or duties.
Intramark Insurance Services can help you understand your needs, your options, and what all the definitions mean including the riders, base coverages, add-ons, and details. Don’t wait another day to obtain your free, no-obligation disability insurance for consultants quotes now.