Alberta Life, Disability, and Health Insurance Since 1983

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Posted: 1 Oct '21

Why Disability Insurance is Crucial for the Self-Employed

Why Disability Insurance is Crucial for the Self-Employed

Self-employment is an opportunity to be an owner and employer at your workplace. You get to build your business from the ground up and leave something behind for your loved ones. Unfortunately, this also means that you need to always be available for your business. So what happens when you contract a severe disease or sustain devastating injuries? Having a safety net is crucial to protect you and your business when disaster strikes. A disability insurance policy offers a reliable safety net against life-changing illnesses and injuries. Talk to a Vistaplan advisor today!

Self Employment

Your business thrives best when you're around to oversee operations. You're the manager, visionary, and essential employee. When you're not around, your work suffers, and your personal income takes a hit. As such, caring for yourself and your family proves difficult. 

Disability insurance protects you and your loved ones in case of a life-changing illness or injury. The truth is that you can't foresee such incidents, which is why you need active a disability policy ahead of time.

When a critical illness or extensive injuries stall your ability to work, disability insurance steps in and covers your monthly income, so that you can recuperate and undergo therapy peacefully.

Self-employed Disability Insurance

A disability policy that covers your own business offers a specific percentage of your earnings as compensation when you cannot work due to illness or injury. When choosing an individual disability insurance package, it's important to look at the premiums and cap on benefits. Some insurance providers may charge high premiums but offer compensation up to a specific amount. It's best to choose a package that has enough payout to cover your basic living expenses. 

A great package provides benefits that cover your: 

  • Housing 
  • Food 
  • Utilities
  • Regular expenses 
  • Loan payments etc.

As such, it's important to have a good idea of your living expenses, and probably, documents to prove it. 

You should also check the benefits period (the period in which you receive benefits) and the waiting period (the period before you start receiving benefits). Generally, if a policy has a short benefits period and a long waiting period, it costs less. 

In addition, disability insurance for self-employed individuals works slightly differently. First, the insurance company needs proof that you’ve been self-employed for a specific period. Second, it might be impossible to get high coverage, which is why you should also consider a business operations expense cover. 

Get Disability Insurance in Edmonton

Disability insurance is often overlooked by the self-employed. Protect yourself and your loved ones with a disability policy as part of your full insurance strategy. Contact our insurance broker to find the best policy for you.


About the Author - David Motkoski

David Motkosk At the Helm of Vistaplan Financial Group

David is a well-respected insurance advisor with over 30 years of experience helping healthcare professionals, business owners, and their families secure their financial futures. He takes the time to make certain his clients understand the life, disability, and health insurance products they are purchasing, so they can make the right choices for their budgets, plans, and futures. CONNECT WITH ME ON LINKEDIN

Life & Disability Insurance for Alberta Health Care Professionals, Business Owners, and Their Families Since 1983