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It’s important that CPAs don’t discount the value of having disability insurance. Even though most of their career time may be spent in a chair behind a desk at a computer, it’s critical that all professionals in accounting be protected against a loss of income in the event they become ill or disabled.
According to the Council for Disability Awareness, almost 90 percent of all disabilities are caused by common illnesses such as cancer and heart disease, in addition to musculoskeletal conditions like carpal tunnel, chronic back pain, and arthritis. These maladies can strike anyone at any time, regardless of their profession.
You’ve spent a significant amount of time and finances on your education and training to work as a CPA, and the sudden loss of your ability to earn your income would most likely be devastating – devastating to you, your family, and more. Disability insurance for CPAs protects you against this very scary (and unfortunately, very real) possibility.
CPA Disability Protection
Once you realize just how crucial it is that you protect your family and your income with disability insurance for CPAs, you’ll need to know what to look for in a good insurance policy. How can you be sure what to include and what to discredit when it comes to benefits, add-ons, and riders?
Be sure that you investigate the reputations of any and all insurance companies that provide disability insurance. Not all companies are the same, and you are going to want a reliable provider with strong financial ratings. Be sure to check ratings on Standard and Poor’s and Moody’s, and you can also speak with a professional to get some background information on the providers. This will help you feel most at ease that the company you choose is one that you’ll be able to trust.
Choose a policy that includes own-occupation coverage. This means it will cover you in the event that you’re not able to work in your specific field. If you’re unable to work as a CPA because of carpal tunnel syndrome, for example, but you can and do work in another occupation, you won’t be eligible for benefits if you don’t have an own-occupation policy. With the right policy, you’ll be eligible for benefits even if you are able and willing to work in a different (and even a lower-paying) occupation.
If you find that at some point you’re able to return to work, you may not have as much business as you did before your injury or illness. If this is the case and you need time to rebuild your list of clients, you’ll want residual disability coverage. This will let you receive partial benefits while things get back to “normal” as you re-grow your business.
You may also want to consider a future increase rider for your policy, especially if you are just starting out in your career. This will enable you to purchase additional coverage at specific times in the future as your income increases without making you go through the process of medical underwriting again.
Another rider for you to consider is the cost of living rider. This one increases your benefits automatically as the cost of living increases over time. Should you become disabled, your benefits will increase to keep up with inflation.
No one likes to think about and plan for injury or illness, but in the event that it does happen to you, you’ll be glad you took the time to protect your income. You and your family deserve the very best coverage available, and we can help you find it. Contact us today for free, no-obligation quotes to protect your most beloved assets with disability insurance for CPAs.