Disability Insurance For Independent Contractors – It’s important to think about the worst-case scenario, and plan ahead for your family so you know how your family will fare if you’re unable to work. In my opinion, long-term disability insurance is essential.
Buying disability insurance can be a pain. I’ve done it in the past, and with some insurance companies there’s a mountain of paperwork, health checks, etc. It may take a few weeks to get insured.
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The wind turned everything upside down. They offer a 15-minute disability insurance claim and application process completely online.
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Wind is an online disability insurance company. Their name “Shamal” comes from the phrase “it’s a breeze” and refers to their quick and easy application process.
They were founded in 2019 and are underwritten by Guaranty Assurance Company, a company that dates back to 1890. The insurance company is rated “Outstanding” by AM Best, a leading insurance company rating provider. You can be sure that they are a legitimate company and you can feel safe using them.
The answer for most people (who aren’t independently wealthy) is yes, you should. These numbers prove it.
Along with the relative affordability of disability insurance, the possibility of a disability event is an easy sell to me.
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If you want to gamble and hope to be one of the lucky ones who doesn’t experience disability, there’s a decent chance you won’t. But you never know for sure, long-term disability insurance for the right risk can help you reduce that risk.
While the details vary from plan to plan, disability insurance can help replace a portion of your income if you suffer an accident, injury, or illness.
In the event of a limiting event, the policy will begin paying a certain amount each month after your eligibility period (the waiting period after you start receiving payments).
The more you expect the policy to pay out, the more premiums you will have to pay. Certain occupations that are high-risk or involve manual labor are also more common, and sometimes significant.
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When looking for a disability insurance policy, you should consider all of these and their potential impact on your rates.
First, get a personalized quote with different coverage options. Once you have chosen the best option for you, you can then apply. Wind uses technology to make sales decisions quickly, so you’ll soon know whether or not you’ve been approved for coverage
If your policy has a monthly benefit amount of $4,000 or less, you don’t need a medical exam in most cases. However, policies with benefits exceeding $4,000 may require a medical examination.
Breeze is one such company that offers completely online disability insurance products. Most require you to do it in person, over the phone, or require a handwritten or written exam regardless of the benefit amount.
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Policies with Wind start at around $9 per month and go up from there depending on specific coverage. Getting a quote is easy and doesn’t require bad credit, so the best thing to do is just go through the process and get an evaluation for your personal situation.
If you want to renew your policy, you can add additional riders to your policy:
There’s a simple 3-step process to get a free quote with Breeze. To get started, visit the Wind website using our button below.
When you buy a disability insurance policy, the only cost you pay is the monthly premium.
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Typically, a long-term disability insurance policy costs around 1-3% of your annual salary. The table below shows the monthly expenses for a given salary.
Quotations from Breeze or other providers should be free of charge. Get your free link using the link below.
There are several good reasons to use windfall to get a disability insurance policy, and there are a few things to keep in mind.
If you are looking for a long-term disability policy, and want the process to be quick and easy, Wind is one of the best options.
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Their 15-minute application process is simple, and their flexible coverage options mean you can find the right insurance policy for you.
Last edited: May 4, 2021 The content is for general information only and does not constitute professional advice. Visitors should not act on any content or information without first seeking appropriate professional advice. In accordance with the latest FTC guidelines, we declare that we have no financial relationship with each company mentioned on this website.
Peter Anderson is Christian, husband to his beautiful wife Maria, and father of 2 children. He enjoys reading and writing about personal finance and enjoys a good board game from time to time. You can find more information about it on this page. Don’t forget to say hi on Pinterest, Twitter or Facebook! Page (press Enter)
Independent contractors are workers who do business for themselves. They are usually free to work on multiple projects at the same time and do freelance work. In many cases, they can choose when, where, and how they do the work. 1
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Employees are employed by businesses, individuals or government entities.
The distinction between independent contractors and employees is important. Employees have many legal rights that independent contractors do not. These include overtime pay, the right to 4 meal breaks, £5 and minimum wage rights.
California has several legal tests that determine whether a person is an employee or an independent contractor. The tests are similar but not identical. The appropriate test depends on what rights or obligations are being asserted. The most important tests are:
Although each test is slightly different, the key factor in each is the same: the degree of control the hiring party has over workers. The more controlled the proposed party training, the more likely the worker will be considered an employee. 12
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The rest of this article examines each of these tests and explains why the distinction between employees and independent contractors is important to workers and businesses.
Before exploring the various legal tests that determine whether a worker is an independent contractor or an employee, it is important to understand why the distinction is important.
These benefits can change the lives of many workers. Employees generally enjoy more stability in income, more job security, and are responsible for paying less tax.
Independent contractors do not enjoy many of the same rights as employees. They have more flexibility and more responsibilities than traditional employees. For example:
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As it turns out, the way businesses categorize workers can matter. So, how does the law determine whether a person is an independent contractor? Unfortunately, there is no single test that applies to all situations. California and federal agencies have their own tests for making this determination.
Despite their differences, the core principle of each test is the same: The more control a business conducts over a person’s employment, the more likely that person is an employee rather than an independent contractor.
California’s wage and hour laws provide important protections to employees. These labor laws are generally more favorable to workers than federal labor laws.
In most cases under California law, the default presumption is that a worker is an “employee” if he provides labor or services to others in exchange for wages. To confirm that the freight forwarder is a worker
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Of course, there are exceptions to this rule, § 29 , but the key takeaway is that California law constructs the employment relationship broadly enough to find that a worker is an employee rather than an independent contractor.
The ABC test reflects a sweeping change in California law. It was first passed in a landmark case accepted by the California Supreme Court in 2018
Previously, California law required courts to consider several factors when examining the nature of an employee’s relationship with the employer. 31 Chapter 4.
However, testing methods and methods have been found to be at risk of inaccuracy, which harms workers, competitors and the general public.
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Thus, the court adopted the ABC test, placing the burden on the employer to determine that the worker was an independent contractor.
[T]he workers who should be treated as employees may be improperly mischaracterized as independent
