Whether you work for a consulting firm, or on your own as an independent contractor, you have worked hard to learn and develop the skills that got you where you are today. After all that hard work, the last thing you want is to lose it all due to disability. And while you might think that the field is not dangerous enough to warrant disability insurance, the truth is that disability can strike anyone, at any time.
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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 Invest in Disability Coverage?
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 to Look for in Disability Insurance for Consultants
The first thing you should do when shopping for disability coverage is make sure that you are purchasing insurance from a reputable provider with strong financial ratings. If you’re not sure, speak with a professional to get more information on potential providers. After that, here are some important things to look for:
- 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.
Disability Insurance for Independent Consultants
Residual Disability Coverage
If you work as an independent consultant, you should carefully consider what your policy defines as “residual disability.” Policies with liberal definitions of residual disability will allow you to continue receiving benefits when your disability improves enough for you to begin working again during your transition back into full employment. This is especially beneficial to independent contractors as it often takes some time to rebuild your clientele after a long illness or injury.
Nobody wants to think about suffering an illness or injury. But as someone with specialized skills in your field, your ability to earn an income as a professional is your most valuable asset. Contact us today to protect that asset with disability insurance for consultants.