Best disability insurance for the self employed in 2022

Assurity extends its disability benefits to workers in various high-risk self-employed categories, including labourers, electricians and farmers.

We won’t be thrilled: if you’re in a high-risk occupational category (like manual labor), you’ll have a harder time getting a disability insurance policy. It comes down to risk: because you’re more likely to be injured on the job, the insurance company is more likely to have to pay out. Fortunately, companies like Assurity will extend disability benefits to skilled and unskilled manual occupations where workers are typically self-employed, including farmers, plumbers, electricians, painters, crane operators, beauticians and auto mechanics. .

The company announces its simplified application process and guarantees to notify you within four days if you are approved. The maximum benefit is 60% of your income up to $3,000 per month, and Assurity will issue policies for people between the ages of 18 and 59. They also offer a partial benefit if you are able to return to your part-time job.

Assurity has an online quote tool that we found difficult to use when looking for a high-risk trade. We tried different incomes, states, and jobs, but were told to contact an agent. However, they advertise some of their rates, such as $40 per month for a 45-year-old electrician earning $52,000 per year with a 2-year benefit period and a 90-day elimination period.

Assurity also offers several key features that benefit self-employed and high-risk workers. This includes benefits that pay for home modifications if you are injured and need special modifications, coverage for vocational rehabilitation and waiver of premium once Assurity has approved your claim. They also offer critical illness, catastrophic disability, and guaranteed insurability riders, which allow you to increase your premium without having to go through a medical underwriting process.

In terms of coverage, Assurity will not pay short term disability benefits for a normal (uncomplicated) pregnancy. However, if you have pregnancy-related complications that prevent you from being self-employed, they will help pay for accrued medical costs.

Assurity has an AM Best rating of A- (Excellent). This rating is not as high as some of the companies reviewed, but is AM Best’s fourth highest rating. Assurity offers disability insurance in all states except New York.