Music Disability Insurance

You work long hours and support yourself as a musician. But what if you weren’t able to work? What if an accident made it impossible for you to perform? These are terrible things to consider, but disability insurance is a very valuable way to protect yourself.

Disability insurance replaces a percentage of your income if you have an accident that leaves you unable to work for an extended period of time. Unlike workers compensation, which only pays medical bills for a work-related injury, disability insurance will kick in if you are unable to work for any reason.

Here are some things to look for in a good policy:

  • Benefit period: the amount of time that the policy will replace your income. Benefit periods range from one year to life. The average duration of a disability is about three years, so if you are trying to save money you can purchase a policy with a five year benefit period. It is more affordable than a lifetime or to age 65 policy and will likely cover everything that you need.
  • Renewability: the insurance company’s ability to cancel your policy or change the terms and conditions every year at renewal. The best policies are “Non-cancellable and guaranteed renewable”, meaning that the insurance company cannot change the policy terms and cannot cancel.
  • Elimination period: the amount of time from the onset of a disability until the insurance company starts paying you. This can range from 30-270 days, though shorter elimination periods are more expensive. For example, a 90 day elimination period means you would receive no payment from the insurance company for three months. Pick a policy with an elimination period that you feel comfortable with.

The bottom line is that for any artist, disability insurance can be a saving grace when everything else seems to be going wrong.

That’s it, I know everything I need to know! Get me out of here! Congratulations!

51 52 53 54 55