The Importance of Photographer Disability Insurance
Whether you specialize in family portraits, wildlife, cityscapes, or something else, being a photographer can be incredibly rewarding, personally, professionally, and financially. The average annual salary for a photographer in the US falls between $20,000 and $80,000 per year. From that, you need to meet your family’s financial needs – mortgage payments, car payments, tuition, and more. You also need to meet the needs of your photography business. However, the threat of disability hangs over you. What happens if you’re ill or injured and cannot work? Losing your income even for a short period can be devastating for your finances, but photographer disability insurance can help.
You Are at Risk
Not convinced that a disability might lie in your future? Not sure how you could even become disabled in the first place? Chances are good that you’re thinking about disabilities due to physical injuries.
Your first thought might be that you don’t have the same level of risk as other professionals in more dangerous occupations because you’re a photographer. That’s not the case. Most disabilities don’t stem from workplace accidents, but from medical conditions that you cannot be protected against. You have little say in whether cancer affects your life, or whether arthritis makes it impossible to use your camera. Photographer disability insurance can provide you with relief in these instances.
How Photographer Disability Insurance Works
Disability insurance works quite simply. Once you have been out of work for a specified period due to a qualifying disability, you will begin receiving payments. Those payments are issued by your insurer and are based on your average monthly income as agreed in your disability insurance policy. You can use that money to pay for whatever you need, whether that’s keeping your family afloat financially or helping out your business (note that a business overhead expense, or BOE, policy is also an important consideration).
When you review insurance, different photographer disability insurance policies, it’s crucial to understand how your rates are formed. The difference in rates can be substantial if you’re not classified appropriately, so make sure you understand how and where your job is classified.
Other Insurances Don’t Protect
Although you may think your worker’s compensation protects you, it will only cover injuries and accidents in your workplace. Your auto insurance and health insurance won’t protect you either. They will only cover medical and doctor’s bills, surgeries, medication, rehabilitation, and similar costs in case you become disabled. None of these insurances will replace your lost income when your disabled, and that’s what you will need to meet your regular financial obligations.
The only insurance that will help in these cases is disability insurance. If you become disabled, the insurance company will pay you the monthly benefits specified in the policy. Take the time to choose the best disability insurance for your needs and budget.
Your Job Affects Your Rates
As a photographer, your most valuable asset is your arms. You use them to do your work regularly, and if you injure any of them, you won’t be able to keep working and, with it, create a profit. This is a concerning fact considering more than half of the broken bones in adults in the US happen to arms. You have to be prepared and protect your income, and this can be done only through photographer disability insurance.
However, you need to make sure you’ve chosen the right disability insurance policy and that you’re working with the right insurer. That requires an in-depth comparison of disability insurance providers, something that most people find difficult to do. We can help. We allow you to compare disability insurance quotes from leading US insurers, as well as insurance rates, coverage areas, and more.
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 monthly living expenses. Then, add the other sources of your monthly income without your salary, such as an employer’s group disability insurance, savings, etc.
The coverage of your disability insurance policy should be close to the difference between your monthly expenses and your expected income. It’s the amount that should be replaced by the monthly benefit from your photographer disability insurance.
Why Comparing Insurance Rates Is Important
Why might you need to compare landscape architect insurance quotes? There are several reasons for this. One of those is to ensure that you’re able to find the least costly insurance policy. The other is to make sure that you find the policy that fits your needs best. Insurers, disability definitions, benefit terms, and many other factors vary significantly, and you’ll need to make an informed comparison to ensure that you have the protection you require.
The tricky part here is finding the best disability insurance policy for your needs. Insurers vary dramatically – some of them don’t even have the same definition of what conditions equate to a disability. So, you’ll need to make an informed, accurate comparison before buying a disability insurance policy.
We Will Guide You
One survey showed that around 45% of people who have disability insurance don’t know their policy’s definition of disability. More than 50% of them either didn’t know what percentage of their salary they would receive if they were injured. Almost 70% said they postponed buying coverage so they could further study their options.
We’re trying to change these numbers, which is why our goal is to ensure that you’re able to make an informed decision. We will work with you to make sure you are involved in every step of the process and understand your disability insurance policy before signing your name on the dotted line.
Are you ready to discuss your rates and secure your financial future? Call us today at 1-877-221-6198 or use the form on the right side of this page to get in touch with us.
