Buying Insurance

Lesson 7: Disability Insurance

Disability and The Self Employed

It is the self employed professional who is perhaps the most likely candidate for personal disabillity insurance. Many companies specialize in this segment of the market and have designed policies to meet the needs of the self employed. Some examples of those who might especially profit from personal disability insurance are: physicians, surgeons, self employed attorneys and accountants and small business owners. In general, anyone who is self employed, is highly compensated because of a skill they have acquired through long education and training, who has invested substantial sums in acquiring that education and training, and who has above average long term earnings potential, should definitely consider a personal disability income insurance policy. This is not meant to imply that the average family has no need for disabililty insurance. However, in assessing the amount of that need, the average family needs to take into account Workmens Compensation insurance, the disability insurance provided through an employers Group Insurance plan, and any other short term disability coverages they may already possess.

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