All About the Caterer Disability Insurance
Caterers enjoy an incredible range of career opportunities. You can work with a catering company that specializes in corporate events, weddings, as well as other large and small events. You can even start your own catering company if you like.
Depending on your employment situation, you’ll earn somewhere between $20,000 and $50,000. Out of that income, you need to support your family. The chances are good that your income is a big part of your ability to make your mortgage payment, to make your car loan payments, to pay for your utilities, and more.
How will you handle those bills and expenses if you are unable to work for several weeks or even months, though? Caterer disability insurance provides you with the protection and peace of mind you need.
Do You Need Disability Insurance?
You already pay for a wide range of insurance products. You have health insurance. You have auto insurance. You may have life insurance, too. Do you really need another insurance product?
If you’re not independently wealthy, the answer is yes.
How will you pay your bills if you’re not able to work? What happens if cancer strikes? What happens if you are diagnosed with heart disease? What if diabetes continues taking its toll? Caterer disability insurance can help in all of these situations and more.
This type of insurance will provide a stream of income if you are disabled, meaning that you can continue to meet your obligations. The amount you receive will be based on your actual average earnings, too, and can be used for nearly anything you need.
Who Needs Disability Insurance
Disability insurance is a vital asset to have in your life, regardless of your profession or income size. However, having disability insurance is that much more valuable if:
- You’re the breadwinner of the family
- You have a debt to pay off
- Your employer doesn’t provide any or provides only limited coverage
- You’re self-employed
Getting disability insurance can help you offset some of the risks your job carries. It will protect your financial stability and give you a source of income if you’re unable to produce one yourself.
How much coverage do you need?
The first step to finding out how much coverage you will need is to determine the minimum amount necessary for your living expenses monthly. Then, identify the other sources of your monthly income without your salary. Other sources of income could be your employer’s group disability insurance, your savings, etc.
The coverage of your disability insurance policy should be close to the difference between the monthly expenses and expected income. It’s the amount that should be replaced by the monthly benefit from your disability insurance.
Buy a Disability Insurance Policy While You’re Young
The premium you will have to pay for your caterer disability insurance depends on the risk of a disability happening to you. The higher the risk you’re under, the higher the premium of your insurance policy will be.
One of the primary factors that contribute to being marked as a higher risk person is your age. Statistics show that the probability of you being disabled increases with age, which means that the later you get disability insurance, the higher the premiums will be. Therefore, you can save money in the long-term by purchasing coverage today. Each year you age, the premiums will keep getting higher.
Look for Unisex Rates
In general, women pay higher disability insurance rates than men. A recent study has shown that women are more likely than men to develop a disability that prevents them from being able to work full time. Rheumatism and arthritis are the most common disabilities women encounter, followed by cancer, heart disease, mental health, and diabetes.
Women have also reported that experiencing a disability would be “somewhat devastating” to their family’s finances. Many of the participants in the study said they worry that their cash reserves would last less than a month if they couldn’t work.
Finding the Right Policy for You
While caterer disability insurance is important, not all policies are the same. You need to make sure you’ve chosen the right disability insurance policy, and that you’re working with the ideal insurer. That requires an in-depth comparison of different disability insurance policy providers, something that most people find challenging to make. We can help you do that. We’ll give you quotes from the top-rated insurance companies in the US, and even help you compare and review insurance rates and costs, disability definitions, and more.
We Will Guide You
One survey showed that 45% of people who had disability insurance didn’t know what their policy’s definition of disability is. More than one half of them didn’t know what percentage of their salary they would receive if they were injured, and almost two-thirds of participants had postponed buying coverage so they could further study their options.
Our goal is to ensure that you’re able to make an informed decision and obtain the disability insurance you need for peace of mind. We will work with you to make sure you are involved in every step of the process and understand everything about your caterer disability insurance before signing your name on the dotted line.
If you’re ready to get the financial protection and peace of mind that you deserve, call us today at 1-877-221-6198. You can also use the form on this page to get a free, no-obligation quote.