How can I protect my family?

You're right to be concerned. People in their prime working years are more likely to become disabled than to die. Depending on your personal circumstances, one good way to protect you, your family, and even your business, is to buy disability insurance.

In essence, disability insurance provides "backup" income if you are temporarily out of work. Most disability plans are pretty flexible, and you can buy coverage for a variety of illnesses or injuries, or exclude specific injuries, such as a bad back.

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Disability coverage for self-employed individuals is based on your type of employment, and the costs will vary. In addition, the type of business you have may limit the benefits available or make coverage difficult to obtain in some cases.

Disability insurance isn't for everyone, though. Read more about The basics of short term disability insurance and The basics of long term disability insurance.

A valuable companion story is Health, life, and disability insurance for home-business owners. One expert thinks disability insurance is such an important safeguard that he recommends it over term life insurance.