Disability insurance is insurance will give you a set paycheck just in case you’re ever disabled or injured or fall ill. If you pay for disability insurance you will pay for it via what is called a ‘premium’.
For freelancers, understanding disability insurance is important as we’re the boss, the HR manager and the support system; that is, it’s all on us. Since most freelancers are not offered insurance through an ’employer’ it is our responsibility to make sure we have a safety net in place if something happens.
Do Freelance Writers Really Need Disability Insurance?
Yes. Disability insurance is important for us, as we don’t have vacation days or sick days to lean on in the event of an injury illness or accident. It is estimated that at least one in three Americans will experience a disability before they retire.
Cost and Coverage
Before you start thinking about cost, make sure that you don’t have coverage already especially if you’re a married freelancer because you may be covered under your spouse’s policy.
Alternatives to Buying Disability Insurance
There are some other ways to build your own ‘financial cushion as a freelance writer. You should be saving some of your income every month. Perhaps your nest egg will get you through a short disability.
Where Can a Freelancer Get Disability Insurance?
First and foremost, if you’re married and your spouse is traditionally employed, be sure to see if you can get in on his/her policy somehow. These employer-sponsored policies are often cheaper than other options.
Credit: https://www.thebalance.com/disability-insurance-for-freelancers-1360534