How Much Is Disability Insurance For Self Employed?

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    David RacichPRO
    Fountain Hills, Arizona
    Self-employed people need to verify income. Generally, the disability insurance company is looking for two years of tax returns, bank net worth statements from loan applications and sometimes bank account records that establish revenue. The first step is to determine your legitimate earnings to establish your compensation. Then you have an important decision to make: pay the premium after tax for a tax free benefit of up to 60% of your compensation or pay the premium pretax for a taxable benefit up to 80% of your compensation, provided that you have ability to use the premium as a legitimate business deduction. Depending upon your gender, age, nonsmoking status and good health condition you should be ready to pay 5 to 8% of your compensation.
    Answered on June 8, 2013
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