Is there any good disability insurances for self employed business owners that will cover lost income?

Question

How can I preserve my income with inflation if I am injured on the job using disability, 401k, social security, etc. and cover health insurance and expenses if I am a self employed business owner who is innvolved in lawn work?

Answer 1

The two companies I would consider are Unum and Illinois Mutual. Unum seems to favor the white collar occupations while Illinois Mutual works well in the blue collar niche.

However disability carriers will not offer you coverage if you have been self employed for less than two years.

Start with the agent that writes your other insurance. They can advise you ways keep the cost down with the use of longer elimination periods and shorter benefit periods. You need to sit down with an agent that can tailor a plan that fits your needs and at the same time is affordable.

Answer 2

A large part of the premium determination for disability is based on your line of work. There are table rates from 1 (best) to 5 (worst). Lawn care is a table 5, which means the highest rates. There are a lot of companies that will not write disability for a lawn care guy. Some will, but you'll have to pay out the nose.

From personal experience, I have a client who owns his lawn care business and wanted a disability policy. Most companies declined to quote, but I got a quote from Unum. He would get $4,000 per month after a 60-day waiting period until he reached age 65. His premium was $1,700 per month.

Answer 3

Very first, go for a Term Policy which is a pure risk cover with riders like death benifit, critical illness etc... term policy mean, with small premium and large amount coverage. To preserve your income to beat inflation, you shoule invest the money to the best investment in the proper proportion. gold, real estate investment are best to beat inflation. visit http://investinternals.blogspot.com and find the article, how to beat inflation

Answer 4

There are plenty of disability policies available to the self employed.

You can google disability insurance brokers or try this link http://www.disabilitybroker.com/

Don't call your auto and home agent they specialize in property and causality insurance. You need someone that specializes in disability insurance.

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

Answer 5

It is possible, but you are in a very high risk category.  You need to contact someone who has a lot of field underwriting experience.  

You might think Lloyd's of London is only for the legs of actresses, but they do most of their business helping folks who can't get coverage elsewhere (ie. you).  Do yourself a favor and email me through Y!A with enough details to get you a quote.

Answer 6

You go to a local agent, and get quotes for those policies - workers comp, health insurance, and disability coverage.