Disability Insurance

[MTCInc]

Who has it? As I get older, I get more concerned about the "what if's". I have mostly been doing the business end of my little company for the past few years, but I do get out and climb frequently as well.

Im in a position that if I got hurt and couldn't work, my business would stop dead in its tracks. Wife does not really work, so this would mean complete loss of income. Freaks me out when I think about it.

I have been looking around for disability. Its not cheap, but seems like a valid investment. I have insurance on my life, why not my physical ability? Does anyone else have this, and if so, what is your policy like?

 

[ROYCE]

Disability insurance protect out biggest asset in life, Our ability to make money! Once you loose that ability because of an injury for even a short time, it can be life changing.
I do not have disability insurance but I am looking into it as well. I actually got a few quotes and found that is was not much money. Who quoted you? Also, you can get the insurance for just what you think you will need in the event of a disability. My wife works, we have savings, I own me house. I looked at coverage to just cover the smaller things.
Also, as an owner of a business, is there anyway you can position yourself so your business could operate in your absence?

 

[treehumper]

You can get WC coverage but it still would be best to get coverage for disability and income supplement. Be absolutely sure it covers you in the event of a workplace accident. Believe me, even with WC the loss of income based on the cap is killer. WC will cover all your medical expenses but not your full income. Check your state for the WC cap.

 

[MTCInc]

I actually just started looking.. I looked with State Farm (my friend has an agency, does my home, life and personal vehicles), but they are too expensive. Then, I found Mutual of Omaha, and they are more affordable. They have lots of different plans, so I need to figure what works best. I am not qualified for workmans comp, being the owner... at least that's how it is here in CA. If I was, I would be paying out the wazoo for it on myself!

The Mutual of Omaha does cover work related injury, personal injury and sickness. Lots of different ways to go, so I need to research a bit more.

Royce, I am not anywhere close to my business running without me. Even though I have been at it for 20 years, I am required to make things run. I do all the books, estimates, calls, etc... Not sure how I would go the route to set it up to run without me and still be able to pay myself enough.