What is disability insurance and do you really need it as a Consultant?

(Part One of a two-part series focused on Long Term Disability Insurance for Consultants)

Reviewing her options

By Sherry Prescott-Willis and Leslie Smith

If you’re like most consultants, you’re juggling clients, meetings, budgets and maybe even a family. We know that you’re busy! If you’ve got a mortgage, you pay it monthly, you have property taxes and you may be covered on a spouse’s health coverage, or you may have your own health coverage program. Yet, think a minute about what would happen if you became ill or injured and could not work at your occupation as a consultant for some reason. What would you and your family live on? Would your rent, mortgage or expenses for your family be covered?

For many people, Disability Insurance is considered “nice to have” insurance that can help you if you become disabled. In reality, long term disability is something that every professional should consider. Read on to get the facts on disability insurance and make sure you are protected!

Disability insurance can protect you and your family against:

  • Loss of income.
  • Loss of earning power.
  • Unforeseen or unpredictable events.
  • Disability insurance provides income for you if you become unable to work because of illness or injury. If you still need an income while you are unable to work due to illness or injury, then you should consider purchasing Disability Insurance.

How likely is it that you might become disabled during your working years? What is the risk? Here are some disability statistics that you should know:

An illness or accident will keep 1 in 5 workers out of work for at least a year or more sometime during their working career.

More mortgage foreclosures are caused by disability (50%) than premature death (2%). Yet more people own life insurance than disability insurance.

  • Three in 10 workers entering the work force today will become disabled before retirement.*
  • Among workers with disabilities in the U.S., more than half are women.
  • The incidence of disability in women increases with age.
  • 62% of all personal bankruptcies were due to an inability to pay for medical expenses*

* – June 4, 2009. The American Journal of Medicine (Information from Harvard University Report)

Long Term Disability protection is now available at up to 45% to WIC members!

If you think you may need Disability insurance, WIC has an excellent program recently announced (in collaboration with Coronado Financial Group, LLC and the Standard) that provides up to a 45% discount on Long Term Disability Insurance. If you are interested, contact Leslie Smith today at 650-571-8132 or email her at: lsmith@coronadoadvisors.com.

sherry_prescott@yahoo.com' About Sherry Prescott

Sherry helps high-technology organizations meet their strategic goals through effective channels, alliance, and marketing programs. She’s led workshops based on her award-winning book, Market This!: An Effective 90-Day Marketing Tool.

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