Protect Your Paycheck, Contractor
Secure your earnings with income protection tailored for the 1099 economy. From recovery benefits to portable coverage, we help you maintain your financial foundation so you can stay focused on your business growth.
Why Income Protection Matters
As an independent contractor, you are the engine of your business. If an unexpected illness or injury prevents you from working, your income stops instantly. Income protection acts as a essential safety net, providing a regular percentage of your lost earnings to ensure your mortgage, bills, and professional expenses are covered while you focus on recovery.
What it is
A replacement salary if you’re medically unfit to work.
When it pays
Funds are released after your chosen waiting period.
UnitedHealthcare Options
Reliable income protection designed to bridge the gap during unexpected health challenges, ensuring 1099 contractors maintain financial stability.
- Comprehensive coverage for accidental injury and critical illness.
- Flexible benefit amounts tailored to your average monthly earnings.
- Short-term disability options to cover recovery periods.
- Direct payments to you, bypasses medical providers for immediate use.
- Seamless integration with other UHC medical and wellness benefits.
Principal Income Protection Solutions
Principal® offers specialized disability income protection for the self-employed contractor. These plans safeguard your life's earnings by locking in benefits and premiums for the duration of your policy.
- Non-Cancelable Coverage: Fixed rates and benefits that stay consistent as long as your policy is active.
- Future Increase Option: Ability to add coverage as your 1099 income grows without a new medical exam.
- Specialty Own-Occupation: Benefits pay out if you can't perform your specific professional duties.
- Portable Solutions: Individual coverage that stays with you across different projects and clients.
Mutual of Omaha Income Protection Plans
Trusted for over a century, Mutual of Omaha provides highly customizable disability insurance that aligns with the specific financial needs of independent consultants and 1099 workers.
Key Plan Highlights
- Non-Cancelable Coverage: Once approved, your premiums and benefits are locked in for the life of the policy.
- Own-Occupation Definition: Benefits pay out if you cannot perform the duties of your specific contractor role.
- Partial Disability Benefit: Receive proportional compensation if an injury limits your hours but doesn't stop work entirely.
- Waiver of Premium: Stop paying premiums while you are actively receiving disability benefits.
Comparison Overview
UnitedHealthcare (UHC)
- Benefit Duration: Flexible options up to 5 years.
- Waiting Period: Choice of 30, 60, or 90 days.
- Extra Features: Enhanced network access and wellness incentives.
Note: Final details depend on individual underwriting results.
Principal Financial
- Benefit Duration: Long-term coverage up to age 67.
- Waiting Period: 60, 90, or 180-day options.
- Extra Features: Comprehensive 'Own-Occupation' specialty definition.
Note: Benefit duration and rates are subject to underwriting approval.
Mutual of Omaha
- Benefit Duration: Range of 2 to 10-year plans.
- Waiting Period: Faster coverage starting at 14 days.
- Extra Features: Waiver of Premium and built-in portability.
Note: Final pricing depends on occupational class and health history.
Common Questions
What exactly is income protection?
Income protection insurance provides a monthly payment if you're unable to work due to illness or injury. For 1099 contractors, it serves as a critical safety net that covers essential living expenses when you lack traditional employer-paid sick leave.
Am I eligible as a 1099 independent contractor?
Yes. Our plans from UHC, Principal, and Mutual of Omaha are specifically selected because they offer robust underwriting options for self-employed professionals and independent contractors.
How are benefits paid out during a claim?
Benefits are typically paid as a monthly tax-free stipend directly to you. Once the waiting period (elimination period) is met, you receive regular payments for the duration specified in your policy.
Is the coverage portable if I change clients?
Absolutely. Because you own the individual policy, your protection is completely portable. It stays with you through every project, new high-paying client, or business pivot.
How are premiums calculated?
Premium rates are determined by several factors including your age, occupation classification, medical history, and the total monthly benefit amount you want to protect. Request a quote for a personalized breakdown.