Self-Employed in Toronto? Why Disability Insurance is So Important

Owning your own business, no matter the size, can be overwhelming. There are so many different things that self-employed individuals are expected to think about and deal with that never even cross the minds of those employed by someone else. If you are self-employed in Toronto, one of the most important things that you should be thinking about is disability insurance.

Being self-employed can be stressful and demanding and stress is known to cause a host of medical issues. Some self-employed individuals work in physically demanding jobs, jobs where they are more likely to suffer a work related injury.

How are you going to pay for the necessities of life and maintain your business if an unexpected illness or injury takes you offline?  Employed individuals are often protected through employer provided disability insurance, but if you are self-employed you don’t have that luxury. If an employed person suffers an injury or illness that takes away their ability to earn an income, their employer provided insurance may provide them with some income. If you are self-employed, you need to have a plan and resources in place to protect yourself and your business in case you have an accident or develop an illness.

 

How does disability insurance work when you are self-employed? If you are in an accident and are unable to work, or if you suffer from an illness that takes away your ability to earn an income, disability insurance will provide monthly payouts that allow you to continue providing for your family, allowing you to focus on rehabilitation. Instead of having to stress over how you will pay your bills, disability insurance gives you the chance to focus on your health. What can you use the funds for? Disability insurance payouts can be used for whatever you need. Monthly mortgage payments, household bills, child care, in-home medical care or medical expenses can all be covered by disability insurance.

 

Disability insurance is also an important consideration for those individuals employed by someone else. When you have an income coming in you can obtain your own disability insurance. Many people make the mistake of counting on employer covered disability insurance but if their employment ends so does their coverage and obtaining disability insurance is very limited and minimal. Also, premiums increase with age so those who enjoy stable employment for many years find themselves in a very expensive situation when they leave their employment and try to obtain their own coverage only to find that disability insurance coverage is less affordable than it would have been had they pursued it when they were in a younger and healthier condition.

 

The lifestyle you currently enjoy, your child’s post-secondary education, even homeownership depends on your ability to earn an income and be a provider. The success of your business also depends on this too and so making sure that you have put provisions in place just in case anything happens is a smart way to ensure that your company is protected. Disability insurance is one such provision. Don’t leave anything to chance.

For more information about why disability insurance is so important, especially if you are self-employed, please contact Independent Financial Concepts Group by calling 416-849-1653 or visit

www.wecoveryou.ca.