For those who are self-employed or own their own business, a day off means you can’t earn any income. When you can’t work for an extended amount of time, that could mean disaster in your personal and business finances. Disability insurance, also known as income protection insurance, is a vital part of your self-employment safety net. How can a disability insurance policy from Alliance Insurance Partners help you keep your Scottsdale, AZ business afloat when you’re sick, injured, or just can’t work?
What is Disability Insurance?
Disability insurance provides a portion of your income to you when you can’t work. Your contract specifies the conditions that trigger these payments. However, these are usually limited to events that directly impact your ability to perform your job duties. That could be an injury, long-term illness, or extensive medical treatments.
There are two main types of coverage; short and long term. Short term coverage typically supplies income for between 3 and 6 months after a qualifying event. Long term coverage picks up after 6 months. How long you receive payments depends on the details of your contract.
The funds provided by this coverage can be used for everyday living expenses. That means that you won’t have to worry about how to pay the mortgage and provide for your family while you’re trying to heal.
Secure Your Financial Independence with Disability Insurance
The social safety net continues to thin. If you aren’t able to earn your own money, it’s unlikely that you’ll find sufficient support from the government or community. Your personal savings can be eaten away quickly by medical bills and regular living expenses. Once those are exhausted, you may become a burden on family and friends who may be struggling to keep up with their own economic demands.
A disability insurance policy from Alliance Insurance Partners helps you maintain your financial independence, regardless of what life throws your way. Call their agents to find out how this coverage can benefit your Scottsdale, AZ business.