Construction contractors are an important part of today’s economy. They participate in the forming of our infrastructure and make sure everything is safe to live, work, and stay in.
If you are a construction contractor and the breadwinner of your family, you have to protect your income in case you are unable to work due to an injury or a disability. You can do this through our construction contractor disability insurance.
Why You Need Construction Contractor Disability Insurance
As a construction contractor, you work with homeowners and business owners throughout your local area to help them realize their dreams. In exchange, you earn a good living. Your annual salary probably falls somewhere between $30,000 and $120,000, income that you use to pay for your family’s financial obligations – mortgage payments, car loan payments, education costs and the like. But what will you do if you are injured and unable to work? What happens to your financial obligations if your income dries up for several weeks or even months?
Construction contractor disability insurance is designed to protect you in these circumstances. It will replace a portion of your income if you’re unable to keep earning it yourself and give you the financial stability through unfortunate times.
Why Choose Construction Contractor Disability Insurance
A worker’s compensation will protect you only if you’re injured on the job, but not outside of it. You may think that your health insurance or auto insurance will protect you, but they will only provide limited coverage and won’t give you any coverage for lost income.
So if something happens that would prevent you from working for a certain period of time, you would be left with little to no protection. During this time, medical bills and regular costs will keep piling up and your obligations will go unmet, so once you’ve recovered you’ll be left with a huge debt. This can be prevented through construction contractor disability insurance. The insurance policy can help you cover the costs, which will let you focus your recovery instead of worrying about how much debt you will accumulate during your absence of work.
How Construction Contractor Disability Insurance works
Construction contractor disability insurance is an ideal tool for protecting your financial stability and fostering peace of mind. With the right policy, your insurer will pay you a percentage of your annual average income when you become disabled, and you can use that money to pay your bills and more.
To get a construction contractor disability insurance policy, firs you would need to purchase a policy from an insurer, and then develop a qualifying disability (a condition that meets your insurer’s definition of “disability”). Then, that disability needs to force you out of work for a preset period of time after which your insurer will begin paying you based on your average monthly income. Each insurance company has different provisions, benefits, and exclusions.
How We Can Help
You need to choose the right construction contractor’s disability insurance policy. They’re not all the same, and choosing your path forward requires that you make a detailed comparison between insurers, insurance policies, rates, coverage areas and more.
Our expertise in the disability insurance field is invaluable. We’ve spent years working with professionals in your situation to ensure that they can find the ideal protection for their needs, budget, and plans and we can do the same for you. When you turn to us for help with construction contractor disability insurance, we go to work on your behalf immediately to make sure you find the coverage you need. With us, you can:
- Be able to review rates from some of the leading providers of individual disability insurance.
- Get quotes from all major insurers in the US that currently offer insurance products in your specific geographic area.
- Learn more about your options when it comes to construction contractor disability insurance and how it can benefit you in the event that you’re injured and unable to work.
Buy a Disability Insurance Policy While You’re Young
The premiums you pay for your construction contractor disability insurance depends on the risk of a disability happening to you. The higher the risk you are under, the higher the premium of your construction contractor disability insurance policy will be.
One of the main 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 a bus driver disability insurance, the higher the premiums you will pay. This means that you can save money by purchasing coverage today. Each year you age is more money you’ll be paying out each month or year in premiums.
Disabilities, Risks and Insurance Policies
Don’t believe that you’re at risk for disability? Think that your workers’ compensation insurance will cover you? That might be the case if you are injured while on the job site, but what happens if you are diagnosed with heart disease? What if cancer strikes? What if you suffer from the complications of diabetes?
Medical conditions like cancer, stroke, and heart disease are actually the leading causes of disability in the US, and they are not covered under workers’ compensation plans. In addition, health insurance does not provide you with any type of relief if you’re out of work.
There is no way to predict who will experience a disability and who will not, but we need to face the fact that most people do during their lifetime. Up to one-third of US workers will experience a disability before they reach retirement age which means that you have a 21% chance of experiencing a three-week-long disability (or longer) before reaching the age of 65.
This number is not to be underestimated, so it makes a lot of sense to protect yourself against that threat by purchasing construction contractor disability insurance.
Let our experts guide you to the right disability insurance product for your specific needs. Give us a call at 1-877-221-6198 or use the form on the right to request a quote, get answers to your questions, and find the right policy.