Whether you work for an IT 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 IT field is not dangerous enough to warrant disability insurance, the truth is that disability can strike anyone, at any time.
Why Invest in Disability Coverage?
The fact is, most disability claims are not filed do to acute injuries. In fact, ninety percent of all disabilities are caused by illnesses like heart disease and cancer, as well as conditions like arthritis, carpal tunnel, and chronic back pain, all of which can strike at any age. And for IT consultants, any one of these conditions can seriously hamper your ability to work, or put you out of work entirely. But, with good disability coverage, your income will be protected should you encounter any of these health issues.
What to Look for in Disability Insurance for IT 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:
“Own Occupation” Coverage
An own-occupation policy covers you if you are unable to work in your specific capacity as an IT consultant. This means that if a condition such as carpal tunnel, or chronic back or neck pain prevents you from perform your duties at your firm, or in your private business, you will still be eligible to collect benefits even if you are able (and choose to) to work in another field.
Cost of Living Rider
Adding a cost of living rider to your policy can help you keep up with your expenses if you are disabled for a prolonged period of time. That’s because this rider ensures that your benefits automatically increase in conjunction with increases to the consumer price index (CPI), or by a fixed percentage, depending on your policy.
Disability Insurance for Independent IT Consultants
Residual Disability Coverage
If you work as an independent IT 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 an IT professional is your most valuable asset. Contact us today to protect that asset with disability insurance for IT consultants.