Does anyone know of any good long-term disability plans for self-employed business owners?

Question

I am thinking about leaving the post office to pursue my lawn service business which I have been pursuing for a few years now. I have my health plan and 401k covered. The only thing I am worried about is finding a good plan for disability in case I am not able to work anymore. Does anyone know of any good disability plans out there?

Answer 1

Most disability providers will not cover a self employed person unless they have been in business for at least two years. They do this so you can establish a record of income that they can base the disability benefit on. You would be able to purhcase an accident plan. That would provide disability income and cash for any accidental injury. You may need to do this before leaving the post office.

I suggest you look for a local broker that can help you sort through the different companies available. You can use yellowpages.com to search for life disability brokers in your area.

A Broker represents multiple carriers and can help you sort through all the different insurance companies and plan options in your state.

Answer 2

You are moving from an uninsurable occupation to a high risk occupation as self-employed.  As mentioned before, most companies will pass on covering you until you have enough full-time landscaping experience under your belt.  

Lloyd's of London might be a good option for you to cover the gap until a traditional insurance company would consider you.  I am appointed with Lloyd's to write business in all 50 states and certain provinces in Canada.