You first must establish verifiable income, generally for two years. Tax returns or W2s should serve as evidence of compensation. Self-employed persons may have additional requirements. The second item of qualification is your medical health condition and prior history. Then what amount do you want to cover from your varied income? Compensation based on the average no frills disability insurance policy that can pay 60% of your pay tax free, up to 80% of your pay if you deduct the disability premium as a business expense.
To qualify for disability insurance, a person must be working (likely more than 30 hours per week), earn an gross income before taxes in excess of $18,000 per year (this number varies by the insurance companies in the market), be in an occupation that is insurable, not have serious pre-existing medical conditions, and have a "lifestyle" that is not considered dangerous or hazardous (such as dangerous avocations, a bad driving record, etc). These are not the only issues, but the most obvious ones. Consult a trusted insurance advisor to review your particular situation.
In order to qualify for disability insurance you must be a favorable risk in a few different categories.
First is your occupation. The underwriter will want to know your employment history, job duties, earnings, net worth, education to that job and skill levels.
Next is your health history. The underwriter will want to know your age, build, health history and will want you to take a paramed exam for fluid samples.
Last is your lifestyle. The underwriter will want to know if you use tobacco products, drugs both illegal and prescription, your extracurricular activities, if you exercise regularly and any above normal risks.
As you can see underwriting a disability insurance plan is very extensive. I would recommend using an experienced independent broker to help you navigate these plans and requirements.
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First is your occupation. The underwriter will want to know your employment history, job duties, earnings, net worth, education to that job and skill levels.
Next is your health history. The underwriter will want to know your age, build, health history and will want you to take a paramed exam for fluid samples.
Last is your lifestyle. The underwriter will want to know if you use tobacco products, drugs both illegal and prescription, your extracurricular activities, if you exercise regularly and any above normal risks.
As you can see underwriting a disability insurance plan is very extensive. I would recommend using an experienced independent broker to help you navigate these plans and requirements.