Unless you were born into a wealthy family or have recently won the lottery, chances are you need to work to support yourself and/or your family. Everything you have, or hope to have one day depends upon your ability to earn an income.
What would happen if you were suddenly unable to work, due to injury or illness? How would you pay your bills? You’d still be obligated to pay your monthly expenses, such as mortgage, car, and credit card bills, not to mention the basic necessities of life. Even if you have disability coverage through an employer, you should check your policy to make sure all your needs would be covered. If you are self-employed, you need to purchase your own disability policy to protect yourself and your assets in case you cannot work for a certain amount of time.
Your odds of becoming disabled before you retire are about 1 in 3. Some of the most common conditions that cause people to miss work are: Arthritis, Back pain, Heart disease, Cancer, Depression, and Diabetes. Surprisingly, MS is a leading cause of disability in young adults ages 20-40. And paid maternity leave isn’t available for women who are self-employed, work at a small business, or haven’t worked long enough with an employer to be eligible for it.
There are numerous risks if you work in a salon or spa. You can slip and fall on a floor wet from hair washing, or trip over electrical cables. Electric shock may occur due to faulty electrical equipment. A work-related illness from the chemicals used in hair colorants or bleach, or facial treatments is very possible, as are repetitive strain injuries, including carpal tunnel syndrome.
Disability Insurance provides for you and your family in the event something happens that prevents you from working. It protects your assets by compensating for your loss of income. This is especially important for your peace of mind if you happen to be the sole income provider for your family.
You can purchase either Short-term or Long-term Disability Insurance. Short-term Disability Insurance replaces a portion of your salary if you are temporarily unable to work (usually up to 6 months). Long-term Disability Insurance can replace 50-70% of your salary if you are unable to work for long periods at a time.
Fortier Insurance can explain the different disability policies to you in easy terms. Everyone in the Beauty Industry deserves to be fully protected. Whether you’re an employee, independent contractor, or a salon owner looking for a group plan, we can help you every step of the way.
“Your income pays for everything—your mortgage, your savings, your kids’ college, and your retirement,” says Barry Lundquist, president of the nonprofit Council for Disability Awareness. “Your ability to work is your greatest asset. You should do what you can to protect it.”