Being self-employed can offer many advantages, such as the freedom to set your own schedule and be your own boss. Without disability income insurance, a disabled self-employed individual may be forced to close their business or sell it at a significant loss. In this article, we will explore the importance of disability income insurance for self-employed individuals and why it should be a top priority in their financial planning.
Protecting Your Income
One of the most significant reasons why disability income insurance is essential for self-employed individuals is that it protects their income. Unlike traditional employees who may have access to sick leave or other benefits, self-employed individuals are solely responsible for their own income. Without disability income insurance, a disabled self-employed individual may be forced to close their business or sell it at a significant loss
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Covering Living Expenses
In addition to protecting income, disability income insurance can help cover living expenses. When an individual becomes disabled, they may require additional funds to cover medical costs, rehabilitation expenses, and any necessary modifications to their living environment. These costs can quickly add up and put a significant strain on finances.
Preserving Your Business
For self-employed individuals, their business is often their primary source of income and livelihood. If they become disabled and are unable to work, their business may suffer as a result. Without disability income insurance, a disabled self-employed individual may be forced to close their business or sell it at a significant loss