Disability Insurance (Private/National): Who Qualifies and What You Get
Learn how self-employed individuals can protect their income with disability insurance if they are unable to work due to injury.
This is a private insurance plan designed to provide income replacement if you become unable to perform your professional duties due to an injury.
Who it's for
This scheme is specifically for self-employed individuals who need to protect their livelihood.
What you get
If you suffer an injury that prevents you from working, this insurance provides replacement income to help cover your living expenses while you are unable to earn money through your trade.
What it costs you
You will need to pay monthly premiums to keep the coverage active. While these costs can be high, the premiums are generally tax-deductible.
The catch to know
Because the monthly costs can be significant, many self-employed people choose to skip this insurance. However, not having it creates a major financial risk if you are unable to work.
How to apply
- Research different private insurance providers.
- Compare different coverage levels and premium costs.
- Complete an application and medical assessment if required.
- Set up your monthly premium payments.