Disability Insurance for Freelancers: What You Need to Know About Income Protection!

March 7, 2025

Freelancing provides flexibility and independence, but it also comes with financial risks. Unlike traditional jobs, freelancers don’t have access to employer-sponsored benefits like disability insurance. If an illness or injury happens and prevents you from working, you could lose your income entirely. That’s where disability insurance comes in. It provides financial protection, ensuring you can still pay your bills even if you can’t work. Here’s what every freelancer needs to know.

Why Do Freelancers Need Disability Insurance?

Without a steady paycheck or employer benefits, freelancers must plan for the unexpected. If you get sick or injured, your ability to earn money could be affected for weeks, months, or even permanently. Disability insurance provides a safe help by giving a portion of your income so you can focus on recovery without worrying about finances.

Types of Disability Insurance

There are usually two types of disability insurance: short-term and long-term. Short-term disability insurance covers temporary conditions, generally lasting a few months. Whereas, long-term disability insurance, on the other hand, provides coverage for years or even a lifetime. As a freelancer, having at least one of these policies can prevent financial hardship if you can’t work.

How Disability Insurance Works?

Disability insurance gives a portion of your income if you can't work because of an illness or injury. The cost of a policy depends on factors like your age, health, and occupation. We provide insurance plans tailored specifically for self-employed individuals, simplifying the process of finding coverage that meets your requirements.

How to Choose the Right Policy

Not all disability insurance policies are the same. When choosing a plan, look at the benefit period (how long you’ll receive payments), the waiting period (how long before benefits start), and any exclusions. It’s also important to ensure the policy covers your specific profession. Some plans may not cover freelancers in high-risk fields, so reading the fine print is essential.

Don’t Rely on Savings Alone

Many freelancers think they can rely on savings if they get sick or injured, but medical bills and lost income can quickly drain your funds. Disability insurance makes sure you have a steady income while you recover. Without it, you could face financial struggles that impact your business, home, and future.

Disability insurance is an essential safety net for freelancers. Without employer benefits, protecting your income should be a top priority. By choosing the right policy and planning ahead, you can ensure financial stability even if you’re unable to work. Investing in disability insurance gives you peace of mind, allowing you to focus on growing your business without the fear of unexpected income loss.

Tindon Associates LLC

We serve our communities in Maine and New Hampshire, located in North Berwick.
Disclosure:
Investment advisory services offered through Foundations Investment Advisors, LLC (“Foundations”), an SEC registered investment adviser. Nothing on this website constitutes investment, legal or tax advice, nor that any performance data or any recommendation that any particular security, portfolio of securities, transaction, investment or planning strategy is suitable for any specific person. Personal investment advice can only be rendered after the engagement of Foundations, execution of required documentation, and receipt of required disclosures. Investments in securities involve the risk of loss. Any past performance is no guarantee of future results. Advisory services are only offered to clients or prospective clients where Foundations and its advisors are properly licensed or exempted. For more information, please go to https://adviserinfo.sec.gov and search by our firm name or by our CRD #175083.

This is not endorsed by the U.S. government or associated with any federal Medicare program. This is not endorsed or affiliated with the Social Security Administration or any U.S. government agency.

ADV Part 2A & Form CRS
Foundations ADV Part 2A | Foundations Form CRS

© 2025 Tindon Associates LLC Designed by Amplispot
linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram Skip to content