Why Self Employed Need A Good Disability Insurance?

Self-employed people pay self-employment tax, and it is a prerequisite to receive Social Security disability benefits. Unlike employed workers who pay tax through paychecks to the Social Security Administration (SSA), the self-employed pay estimated tax to the SSA.

Self-employed people need to have worked for a certain number of years to qualify for disability insurance.Below are few tips to note for self-employed disability insurance:Enough work creditsYou are qualified to receive full benefits if you accumulate 40 credits within ten years.How Much Will I Get in Benefits?We specialize in helping high-income professionals and physicians find disability insurance products ideally suited to their income needs. Regardless of your industry or career path, our expertise ensures that we can guide you to the right policy through an accurate disability insurance quote.We invite you to call us today at 1-877-221-6198. We would be happy to discuss your needs when it comes to income protection and disability insurance.Your reported earnings determine your disability amount.If you’re self-employed, you’re part of a growing trend. More and more people are stepping out of the traditional employment paradigm, and controlling their own future. You might start your own business, or you could become part of the gig economy, or work as a freelancer. Whatever the case, you’ll find that your decision is incredibly rewarding.However, you’ll also find that you still face some of the same risks as those with conventional employment, including the need to protect your income if you become injured or ill. Self-employed disability insurance can do just that.As a self-employed individual, you take your future in your own hands, but you also take on additional risks. Some employers provide their employees with disability insurance – as a self-employed individual, that does not apply to you.You lack any type of safety net if you were to become injured through an accident, or if you were to be diagnosed with a medical condition like heart disease or cancer. Ultimately, one-third of working Americans will become disabled before they retire. Self-employed disability insurance offers the protection you need against that risk. How does self-employed disability insurance work? If you are ill or injured and unable to work, and your insurer decides it is a qualifying disability, you’ll begin receiving payments based on your annual income. You then use those payments to meet your financial obligations.Of course, you do need to make sure that you choose the right insurer, and the right disability insurance policy. We can help you sort through your options, understand the choices available to you, and make an informed decision based on your specific needs, income level and goals. We work with leading insurers in the US, and we’ll provide you with quotes, information about income protection, and help guide you to an informed, accurate decision.If you own a small business, chances are you’re responsible for some or all of the monthly expenses to keep your business open. You should consider purchasing a business overhead expense (BOE) policy in addition to personal disability policy.

Know more about Self Employed Disability Insurance.

We specialize in helping high-income professionals and physicians find disability insurance products ideally suited to their income needs.