Traditional employment is becoming less common. This means that traditional employee benefits are also becoming less common.
Many Americans are earning a good living as freelancers, independent contractors and small business owners. These workers enjoy flexibility, freedom and control over their own careers, but it comes with a downside. Self-employed workers can’t count on employee benefits. They have to provide their own insurance coverage.
Disability is a serious financial risk for all workers, and self-employed individuals may be especially vulnerable because they don’t have the safety nets that regular employment can provide. That’s why it’s important for self-employed individuals to consider purchasing disability insurance.
How much do self-employed individuals make? That’s a little like asking how much employed individuals make. It varies! But self-employment can be very lucrative.
Self-employed individuals may need multiple layers of disability insurance protection, including:
- Individual Disability Insurance to protect their income
- Retirement Plan Disability Insurance to protect their retirement savings
- Bank Loan Disability Insurance to cover any loans they’ve taken out to fund their business
- Business Overhead Expense Insurance to cover business costs during a period of disability.