Income insurance created with your lifestyle in mind.
As a freelancer, entrepreneur or gig worker, you're the backbone of our economy. You deserve access to great income insurance coverage.
Asteya's Individual Income Insurance products are simple, affordable steps towards financial empowerment.
Whether you're a single income or joint income family, one thing's for sure -- your family should have coverage against any unforeseen health complications that cause a loss of income.
Our family product is a critical step in maintaining financial freedom.
As a business owner, you understand the importance of cash flow. The impact of a loss of income resulting from an owner or key person's health crisis can be devastating.
Asteya offers flexible coverage for insuring business owner's incomes and overhead expenses.
Income insurance is something we don't talk about enough.
Let's face it, life happens. Sometimes we end up with health conditions that are out of our control. Asteya is the smartest way to keep your wellbeing and quality of life secure.
By age 42 people are 4x more likely to have an injury or health complications than they are to die during their working years.
1 out of 3 people will be unable to work due to wellness complications at some point before retiring.
Women have a 54% chance of becoming seriously ill or injured during their working years.
Instead of worrying about the worst case scenarios, let us keep your income insured so you can live in the moment.
We built our product with speed and affordability as our top priorities. We also offer transparent coverage to fit your exact needs. Income insurance is instant peace of mind, so we want you to be covered as quickly as possible!
- Streamlined Digital Process
- Apply and Pay Online in Minutes
- Get your policy to your inbox
- no waiting times
- no needles
- no doctor appointments
- no financial documentation
We created Asteya out of a passion for protecting people's wellbeing.
We are all guaranteed to experience ups and downs in life, but we believe that worrying about tomorrow steals from today.
That's why we aim to eliminate people's fear of uncertainty. We want our customers to feel confident that they'll be financially secure if they can no longer work due to illness or injury.
And if we can introduce people to some stress-reducing practices and smart lifestyle choices to prevent illness or burnout along the way, then that helps us promote a healthier world.
Join our growing community of partners!
Partnering with Asteya is a powerful way to add value to your online community or customer base. Making income insurance accessible to everyone is our business, because a financially empowered gig worker community is good business for everyone.
A Values-Driven Product
For years, income insurance was only available to high earners or through companies, with women paying up to 30% more on premiums. With your help, we can change that.
Trustworthy with an Excellent Payout
Our policies are issued by A rated carriers Munich Re and Lloyd's. We also offer a generous payout for every policy we sell on your behalf.
Speed & Easy Integrations
With easy API integrations and co-branded URLs, our digital-first platform was built with you and your customers in mind.
Income Insurance Resource Center
Everything you need to know about individual income insurance.
This timeframe is fluid and would depend on the nature of your claim, the length of your waiting period, and how fast documentation can be provided to the appropriate parties. Your prompt and thorough cooperation in the process will expedite this process as well.
To file a claim, you need to contact Asteya or your registered agent and fill a Proof of Loss form. You'll need to complete the form with a physician of appropriate specialty and then submit the form to the carrier.
Yes. Premiums are due during the waiting period. Premiums are only waived once your claim/loss of income has been approved.
If you believe that your claim was incorrectly denied, you can appeal the decision with the carrier within the timeframe provided under the policy or state law.
Potentially, but any medical information that Asteya has learned about you as a customer may be used in consideration of any insurance offers.
Once approved, you'll need to complete your waiting period -- that is the time between your claim and when your payment plan kicks in. Payments will vary based on your policy. Your payment will depend on the product you've chosen. Some payments will be paid out monthly, and others will be paid in a single lump sum payment.
You should file a claim when you have a sickness or injury that has kept or is currently keeping you out of work.
No, your claim can only be filed once you have a doctor of appropriate specialty complete your loss form.
You can check your claim status through your assigned examiner, your licensed agent, or Asteya. Your waiting period will depend on the policy you've purchased.
Once you file a claim, your claim will be assigned to an examiner. This examiner will reach out to you and begin the process of authorizing and collecting the appropriate medical data needed to approve your claim.
These are generally paid directly from the claim adjudicator in a manner negotiated at time of approval.
Income insurance is designed to protect your income if you're unable to work due to an unforeseen health crisis. While you are disabled, these benefits are intended to substitute a portion of your weekly or monthly income so that you can continue to support your lifestyle and pay for everyday expenses. It's a smart way to protect yourself, your family, and your lifestyle. Without income insurance, workers and their dependents are at risk of losing their homes and investments. Not many of us will have enough savings to manage financially for long periods of illness – mainly if this money is reserved for things like retirement or helping children with their education. That's where income insurance helps. There are a variety of products that can help to cover specific costs or replace income, should you find yourself unable to work.
The possibility of being unable to work due to a disability can be worrying to think about, but being prepared can help you to avoid financial stress in the worst-case scenarios.
Three core events can lead to severe financial suffering: death, disability, and old age. However, with good planning, there are specific solutions for each of these events. These solutions are Life Insurance, Retirement Funding, and Income Insurance. A truly comprehensive financial plan is not complete unless you have all three areas covered. Several studies have shown that most people have financial obligations that consume at least 60% to 70% of their monthly income – this is called the "disability shortfall problem."
Income insurance pays a benefit that replaces a portion of your income if you experience a disability that leaves you unable to work. After the onset of a disability, you need to complete a period called a "waiting period" or "elimination period," in which you must maintain the disability/inability to work. Once your benefits begin, they'll continue until the disability ends, and you can return to work or until the benefit period and/or lump-sum provided by the policy ends.
Many insurers use a sliding scale to issue limits for individual disability plans, which means that higher income levels end up with a lower percentage of income replacement due to benefit limits determined by domestic carriers. This means higher income earners have historically not been able to secure appropriate levels of protection. Fortunately, there are solutions for these individuals in the 'excess market' through carriers like IDU, Inc.
Income insurance policy costs vary based on many factors like (but not limited to) health risk, age, benefit amount, elimination period, benefit period, or policy term. We have a variety of options to fit your budget.
They are the same, but we like to highlight the positive!
We think the phrase 'Disability Insurance' is confusing, so we're creating a new category that replaces it! We're calling it 'Income insurance' because the product is intended to protect your income, so you maintain your lifestyle, rather than focusing on the cause of income loss. Proponents of 'Life Insurance' didn't name their product 'Death Insurance', so why should we call our product 'Disability Insurance'? Asteya's Income Insurance is here to protect your lifestyle so you can focus on living.
Yes! We are firm believers that your income is the strongest predictor of health outcomes and how long you live. Statistics also show a high likelihood of people becoming ill or injured during their working years that would prevent them from earning an income. Just take a look at some stats:
- 1 out of 3 people will be unable to work due to wellness complications at some point before retiring
- By age 42, people are 4x more likely to have an injury or suffer health complications than they are to die during their working years
- Women have a 54% chance of becoming seriously ill or injured during their working years
We recommend asking yourself if you could cope financially if you were too ill to work for an extended period. Could you pay your bills? If the answer is no, then you should consider getting an income insurance policy. Insuring your income not only guarantees your well-being, but it also ensures a bright future.
Income insurance can be necessary if you:
- Are self-employed or a small business owner, as you may not have sick or annual leave
- Have family members or dependents that rely on the income you earn
- Have debt, such as a mortgage, where you'll need to make payments on even if you're unable to work
The younger and healthier you are, the easier it is to qualify for a policy. But as you age, premiums increase. And if your health goes south, premiums for preexisting conditions are even more expensive or may not be covered.
Income insurance is a little different. While sick leave is an excellent employee benefit, many companies are now choosing to offer short-term income insurance, too. Although it only pays a percentage of your regular salary instead of 100% of your pay (like sick pay), it can last much longer. If you were ill or injured and needed to remain out of work for 4 to 6 weeks, what would you do? You might have sick leave for the first week or two, but after that, you could be going without a paycheck for several more weeks. That’s where income insurance makes a difference.
It can be used for virtually any medical reason, whether you’re out of work from an accident, a preplanned surgery, or maternity leave. Just be sure to ask about pre-existing conditions when you sign up. You may also get to choose how long you’d like your income insurance to last. Short-term options usually include 3 to 6 months of coverage, but you can again ask about long-term benefits that can provide payment(s) up to a year, two years, or even until age 65. Ultimately, this type of insurance is there for a disability or severe health condition, not your average sickness. While you may not be able to use it if you miss a few days because of a cold or the flu, it can make a big difference in your financial standing when you’re out of work for an extended period.
Income insurance usually comes as individual coverage, meaning you can’t use it to care for others in your family if they’re unable to work. If you’re perfectly healthy, your income insurance won’t kick in. That’s why an ideal employee benefits package offers both sick leave and income insurance. Even if your company doesn’t currently provide short- or long-term income coverage, we might be able to help.
Life insurance pays a lump-sum of cash if you either pass away or are diagnosed with a terminal illness. Income insurance covers you for time off work, where you receive a benefit for a period of time (or, in the case of some policies, a lump sum benefit).
Long-term income insurance is intended to cover more serious types of claims that last a long period of time. Long-term income insurance has a waiting period of at least 90 days – meaning the waiting period before benefits begin. The benefit period (the time when benefits are paid after completing the waiting period) is typically two years, five years, or ten years, to age 65 or a lifetime. The longer the benefit period, the higher the premium.
Short-term income loss coverage is intended to cover you immediately following a severe illness or injury for a short period. Long-term income loss coverage is intended to continue protecting your income if your condition keeps you out of work for an extended time, and depending on your plan, even up to retirement.
Some everyday life events usually covered by short-term income loss coverage:
- A disabling injury
- A prolonged sickness
- The birth of a child
Some common life events that are usually covered by long-term income loss coverage:
- Musculoskeletal/connective tissue disorders (back problems, osteoarthritis)
- Accidental injuries
- Cardiovascular/circulatory disorders (heart attack, coronary artery disease)
- Mental disorder
Cheap doesn’t mean ‘bad.’ In the case of income insurance, it’s actually a good thing! Individual lump-sum and individual long-term income insurance solutions are available to suit nearly every need and budget. Whether your goal is maximum income protection or safeguarding specific expenses, like a mortgage or budget-based coverage – an income insurance policy can be designed to meet your needs. In fact, income insurance is one of the least expensive insurance coverages.
No matter how much you spend on income insurance, it's important to understand individual coverage's tax treatment. The monthly income insurance premiums that you pay for a personal policy are not tax-deductible. However, any income insurance benefits you receive due to a disabling injury or illness will be treated as tax-free income since you are paying for coverage with after-tax dollars. We recommend that you consult with your tax professional.
It depends. An own-occupation insurance policy provides coverage if you become unable to perform the substantial and material duties of your covered occupation, even if you're still able to work in another profession. However, it is essential to read how 'disabled' is defined in an insurance contract as the definition of own-occupation can be very fluid.
By contrast, "any occupation" coverage only provides total disability benefits if you cannot work at all and in any occupation. We recommend carefully reading through your policy plan. Some policies that may appear to be "own-occupation" policies function more like "any-occupation" policies. These so-called "occupational policies" will define "total disability" as your inability to perform "all duties" or "every duty" about your occupation.
An insurance waiting period (or what is commonly known in the insurance world as an "elimination period") is when you have to wait between when you become unable to work and file a claim until your benefits begin being paid out to you.
It would be best to determine how long you can afford to wait between losing the ability to work and getting income insurance benefits. Waiting periods vary between short (typically 30, 60, 90 days) and long (typically 180, 365, 720 days) and can affect how affordable your policy premium is. Longer waiting periods usually result in more affordable premiums.
Not necessarily. You should always consult the insurance contract and carefully read the exclusion list, as it is specific to each insurance product.
We are working hard to add income insurance products to all of the United States of America. Please visit our blog to follow our latest company news and see when your state is available.
You will not receive benefits or an elected increase in the amount of your insurance for a disability that results from a Pre-Existing Condition unless you have been actively at work and have not:
- Received medical treatment, consultation, care or services; or
- Taken prescription medication or had medication prescribed; or
- Had or have any symptoms or conditions that would cause a reasonably cautious person to seek diagnosis, care, or treatment
Our policies define pre-existing conditions as sickness or accidental injury for which the individual consulted a physician, sought medical care for or had symptoms of which would cause a reasonable person to seek treatment. Clients and their representatives must be honest with the underwriters regarding these conditions to provide accurate and appropriate terms for coverage. When these conditions are not disclosed, it can amount to fraud and cause a client's policy to be terminated or interfere with a claim's payment.
There are occasions where the client may not feel comfortable sharing such personal information or realize the significant effects that non-disclosure can have during the underwriting process. This is why agents must engage in open, transparent communications with their clients.
Yes, premiums are due during the elimination period and are only waived once your disability has been approved.
We generally don't cancel any policy without your consent. If you have not paid your policy premium, we will inform you that you have payments that need to be paid within your allowed grace period. If your premium is not paid within the grace period, we then have the right to cancel your policy and inform you of the cancellation. In case of misrepresentation in your application, the insurance carrier may cancel your policy.
Where you'll find us
Not available in your state? Don’t worry! We're growing quickly and should be available to you soon.