Disability Insurance for Consultants
Disability insurance is a product every independent consultant should own. You are your only source of income, and if you are unable to perform the material and substantial duties of your occupation because of a sickness or injury, it just may be your only source of income to support yourself and your family. Larger companies may offer Group Long Term Disability (LTD) to their employees for free, as an independent consultant it is up to you to protect your most important asset, your ability to earn an income.
Berkshire offers one of the most sought after disability insurance products on the market today by white collar professionals. It provides comprehensive disability coverage for self-employed individuals with a true own-occupation definition of total disability, and an Enhanced Partial Disability Benefit Rider1 that has a built-in recovery provision that could provide benefits for up to the entire benefit period, and several other features geared towards a self-employed professional.
What Does Disability Insurance Do for You?
It helps provide peace of mind to you and your family. The odds of you suffering a long term disability are much greater than you think. As a consultant you rely on your own ability to generate revenue, and to bring home an income. If you are unable to do what you do, there simply is no safety net other than an individual disability insurance policy to make sure you can maintain your existing lifestyle.
If solely due to injury or sickness you cannot perform the material and substantial duties of your occupation, you will be eligible for the policy's monthly benefit on a tax-free basis* every month until you recover or reach the end of your benefit period. The maximum monthly benefit that you could qualify for will depend on several factors including your current level of earned income. As an independent consultant, it is up to you to secure your own benefits. If you depend on your ability to work and generate an income, we would recommend owning a Berkshire policy to protect that income.
* Benefits paid are tax-free when premiums are paid with after-tax dollars.