It’s really quite simple, especially if you’re self-employed. If you get sick or injured, and you can’t work, how will you pay your bills? How will you support your family?

Disability insurance.

Disability insurance provides you with an income if you are unable to work at your chosen profession due to accident or illness. It has three variables: How much will it pay monthly, how long will it pay it, and how long do you have to wait after becoming disabled before the payments start? Very straightforward, but as always, the devil is in the details.

Many people take a look at disability insurance and conclude that it’s too expensive, but that’s because they don’t understand the big picture. Sure, a plan that pays you most of your income for 20 or 30 years is going to be expensive. And if that’s what you want, we’ll be happy to find one for you. But you probably don’t need a plan like that.

Did you know that 24 months after becoming disabled, you’re probably eligible to start drawing Social Security payments? And if you are, you can also opt into Medicare to provide your health coverage? That changes the entire calculation. Instead of looking at a huge payment for a policy that provides a lifetime of benefits, what you now need is something to fill in the gap between today and the day that your earned government benefits start. That’s much more affordable.

Don’t try to figure all of this out on your own. Call us today for a free consultation about what options you really have.