The main purpose of business disability insurance is to to replace an employer and employee's income should they be unable to work as a result of either an accident or a sickness. In fact, People tend not to spend a lot of time thinking about the financial devastation that could result from a disabling injury or sickness therefore if disability strikes, the balance between personal earnings and expenses suddenly is upset, and the threat of financial disaster can quickly become a reality.
(Written By Kyle J. Norton)
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Should a Small Business Owner Buy Disability Insurance?
If you were to suffer from a long-term injury or a debilitating illness, would your small business be able to survive without you? Would your savings and other assets be enough to cover your medical bills and other expenses? If not, you should consider a back-up plan. With disability insurance coverage, you can replace your income in the event you are injured in an accident.
Will Social Security Disability Cover My Income?
The disadvantage of relying on social security benefits is that it takes a very long time before you begin to receive benefits. Often times, social security claimants are declined from receiving benefits even if they are clearly disabled. Secondly, the payout is extremely low. With disability insurance, you can rest assured that your financial obligations will be take care of in case you are unable to fulfill them because of an injury.
- Buy a non-cancellable policy. With a non-cancellation policy, your benefits and premiums are fixed. The only drawback is that it is a more expensive policy.
- Guaranteed insurability. If you are worried about medical qualifying, this type of insurance is recommended.
- Compare insurance carrier ratings. Comparing insurance provider ratings will help you determine which insurance carrier is financially fit.
- Determine which disabilities are covered. Before investing in disability insurance, make sure you know what is covered within your insurance plan. Not all disabilities are covered.
- Base your decision on benefits. Never base your decision to purchase insurance solely on the cost. Invest in the policy that offers the most benefits within your budget.
Why do you need Disability Insurance?
If you are a business owner, you have invested a lot of time and money in growing your business. It would be a devastating experience to lose your income because of an unexpected injury. The good news is you can prevent this from happening by investing in a good disability insurance policy.
Hello, I'm Jeff Pennington. In late 2002, I decided to create a business that would improve the way professionals buy disability insurance and term life insurance. I wanted to combine the friendliness and personal service that comes from a small insurance company, with the effectiveness of an online insurance business.
I work with multiple companies to find small business disability insurance that they can afford.
My technology based system is able to communicate electronically with our insurance carrier partners, enabling us to offer you a simpler, more streamlined disability insurance application process.
