We offer Income Insurance for many different walks of life. Choose which product is best for you.
Income Insurance for Self-Employed
If you are a self-employed entrepreneur, freelancer or part of the ever-growing gig economy, we offer you a convenient and affordable income insurance that will protect your quality of life, up to $500,000, from unforeseen accidents or illnesses.
Extra Income Insurance
Whether you are a team owner or an athlete, and you want to protect your rising stars, we offer you income insurance for all your needs, from Draft Protection, and Contract Guarantee, all the way to securing your Future Earnings, up to and above $50M.
Income Insurance for Everyone Else
If your employer doesn’t protect your income, we will. Income Insurance for Everyone is ideal for those who don’t receive disability insurance through work, or for those who are looking for extra coverage. Not only can you buy this policy on your own, it also stays with you even if you change jobs.
If you are a primary revenue generator for your household, what would happen if you couldn't work?
Let's face it, life happens. Sometimes we end up with health conditions that are out of our control. Income Insurance is a smart solution to keeping your finances 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.
Insuring your personal income empowers your future to grow and prosper.
We've designed easy and affordable business income insurance with instant coverage.
Flexible prices & payment options as low as $14 a month
We have built flexible plans that protect your income up to 70%, with an aggregate benefit ranging from $50k to $50 million, through a flexible payment structure. You can now choose between getting a monthly benefit amount, a full benefit payment, or a combination of both, for a starting price as low as $14 / month.
Our benefits are flexible and range from paying you monthly benefits, until you are ready to go back to work, a lump sum amount for permanent injuries, or a combination of both. Our policy term can go up to 10 years with standard Waiting Periods of 90 to 365 days or longer.
Trust You Can Rely On
We are trusted by A-rated carriers such as Munich Re and Lloyd's to take care of you. We facilitate the issuance of your income insurance policies through these A-rated carriers so you can trust that your policy will pay out if you ever need to file a claim.
Our customer experience team is here to support you.
Our team is here to help you navigate through life's unforeseen financial circumstances by making sure your claims process is as easy as can be.
We've got the future in mind so you can focus on living
Our Application Process is Easy
We want to help you insure your income with the quickest and most straightforward process possible. Our team has you in mind so you can stay focused on building your future.
Answer a few simple questions to get your personalized rate.
Apply online in minutes or have one of our live chat support team members help you fill out and receive your quote.
Receive a fast decision on your eligibility. If approved, you can receive coverage on the spot.
Ready to apply?
If you decide that income insurance is right for you, our professional advisors can help you apply.
Income Insurance Resource Center
Take a quick read over everything you need to know about individual income insurance.
Some employers offer their employees income insurance for free to cover up to 60% of their monthly income. However, many individuals find that the benefit offered by their employers is not enough to adequately protect their lifestyle. Adding supplemental income insurance keeps their financial wellbeing secure should something happen to their health. Unsure if this applies to you? Consider supplemental individual income insurance if you are:
- Making a six-figure income and your income is not adequately protected
- If your monthly benefit after tax is lower than you expected
- If you want additional tax-free benefits
It's easy to confuse the difference between Workers' Compensation and Income Insurance because one is a subset of the other. If you are injured or become ill on-the-job and miss work, you may receive benefits to cover partial lost wages, medical bills or rehabilitation costs. Workers' Comp doesn't cover injuries and illnesses experienced outside of work that may stop you from working and earning, but Income Insurance does.
Social Security Disability Insurance (or SSDI) benefits are usually considerably lower than private income insurance benefits. The average amount of SSDI benefits as of February 2018 is $1,197 per month, which, for a lot of people, can hardly replace the salary they earned before becoming unable to work. It's also usually much harder to qualify for benefits and most SSDI applicants are actually rejected. That's why most experts say you shouldn't rely on SSDI alone for income protection.
Because the policy benefit is lower, underwriting requirements for mortgage income insurance are much lower than for traditional coverage. In fact, many policies don’t require a medical exam.
Therefore, mortgage income insurance may be an option for homeowners who can’t qualify for traditional long-term income insurance. This way, at least part of your budget will be covered by income insurance benefits. It can also supplement a group disability policy in the event you can’t medically qualify for traditional long-term income insurance.
Individual long-term income insurance is the better option if you can get it for the following reasons:
- It is designed to replace your income in the event that you're no longer able to work, which means the benefit should cover your mortgage in addition to your other expenses
- Mortgage income insurance will not cover all mortgage-related expenses without an optional rider that will add to your cost. Base coverage only covers your principal and interest payment, not your homeowners' insurance or property taxes.
- Mortgage income insurance also does not cover payments on home equity loans.
- Mortgage income insurance benefits generally decrease over time as your mortgage balance decreases. However, your premium cost will remain the same
If you feel you need more than what your current income insurance coverage provides, you’re likely better off with a supplemental income insurance policy. The benefit of a supplemental policy can be used for whatever is needed, not just your mortgage.
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 occupation. However, it is very important 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 are unable to 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 really 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” pertaining to your occupation.
Some of our income insurance products do not require any medical exams or information. You will be notified during process if you are required to provide additional information. This will depend on your age, how much benefit you require, and the type of policy you wish to buy. If and when you become disabled, medical information will depend on the nature of your claim and your elimination period. It would generally be as often as necessary to provide the carrier with proof of your continued disability under the policy.
In order to accurately assess how much income insurance coverage you will need, we recommend calculating an estimate of what your monthly expenses are. This includes but is not limited to: your living and recurring expenses, mortgage payments (if any), dependent expenses, lifestyle expenses, and other daily essential expenses. Also consider your current income and how much emergency savings you already have. Once you have all this information, estimate what benefit amount you will need that will help you sustain your obligations and necessities.
The simplest answer to “How much should I get?” might be “Enough to replace all my income.” However, when it comes to disability insurance, that answer doesn’t work: you aren’t likely to find such a policy. Almost all policies are designed to replace a portion of your income, ranging from 40% to 80%, depending on several factors. Remember: Long term disability coverage is meant to last a long time, providing a monthly benefit that could last for decades. That kind of coverage comes at a cost. The lower the monthly benefit you can comfortably live with, the easier it will be to pay premiums while you are healthy and working.
Here’s one way to decide what you need:
What are your actual current expenses?
If you’re concerned about maintaining your lifestyle, you need to start by thinking about all the expenses that go into that. Try this: look at your monthly take home pay, then figure out how much you have left over (if any) at the end of the month. If you take home $5,000 a month, save $800, and give another $200 to charity, then your actual expenses are more like $4,000.
What spending changes will you make if disabled? Can your spouse provide more income? Will the benefit be taxable? What other assets, income, or savings can you draw on?
So, try to put a number on all of the items discussed above and enter them into this simple formula:
Your total current monthly expenses
minus (Reduced spending each month)
minus (Monthly income from other sources)
equals (Minimum monthly disability benefit)
Employer-sponsored coverage is a great start, but it may not be enough to maintain your lifestyle if you become unable to work. Most group plans only cover a small percentage of your income. Additionally, any benefits you receive from your employer plan will be taxed as ordinary income if you become unable to work. In contrast, the benefits you receive from an individual policy will be tax-free since the premiums are paid with after-tax money.
Individual income insurance can be your only disability insurance policy (if your employer does not offer a group policy) or can act as supplemental disability insurance, which fills in the gap between your employer-sponsored plan and the amount you need to survive financially if you become unable to work due to a health complication.
Short-term group insurance provides weekly benefits for employees who are totally or partially disabled by a covered injury, illness, pregnancy or mental disorder. Typically short-term disability insurance is cost prohibitive to an individual. Therefore an individual would be better off signing up for the short-term disability insurance through their employer.
Group disability plans tend to have benefit periods to age 65, and typically provide the totally disabled employee with up to 60 percent of pre-disability income to a specified maximum such as $10,000/month. Coverage is available for both short- and long-term disabilities and often without medical evidence of insurability. Group disability insurance helps attract and retain quality employees and is tax deductible to the business.
Group disability coverage is tied to your employment. If you change or lose your job, the coverage is not portable. The cost of group coverage can also change year to year. Individual disability policies usually have higher premiums, but offer better benefits because applicants are individually underwritten.
In contrast, group benefits cover all eligible employees, regardless of their health. In the case of individual income insurance, once issued, the language, benefits, and costs are contractually guaranteed, even if you change your occupation or employment. Individual policies may also be issued with exclusions that limit claims that are due to pre-existing conditions.
Income insurance is a little different. While sick leave is a great employee benefit, many companies are now choosing to offer short-term income insurance, too. Although it only pays a percentage of your regular salary as opposed to 100% of your pay (like sick pay), it can last much longer. If you were sick 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 really 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 also ask about long-term benefits that can provide payment(s) up to a year, 2 years, or even until age 65. Ultimately, this type of insurance is there for a disability or serious 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 of time.
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 offer short- or long-term income coverage, we might be able to help.
Temporary Total Disability (TTD) renders you unable to work for a short period of time. Our product currently offers income protection only for Permanent Total Disability (PTD), the result of a covered injury or sickness that renders a person totally unable to perform the substantial and material duties of a regular occupation or specialty. In other words, it's coverage for a permanently debilitating condition or accident that is covered by the policy. Total disability means that you must be under the care of a physician, or have an injury or sickness that results in the entire and irrevocable loss of at least one of the below:
- The use of both hands or both feet
- The use of one hand and one foot
- The sight in both eyes
- The hearing in both ears
- The ability to speak
Since the self-employed income insurance product is an individual cover, you can carry the policy with you even if you become employed on a full-time basis.
You can set your billing method and payment schedule when you sign up for your policy.
The benefits will start under the policy when you have met the definition of total disability listed in the policy and are under the care of a physician of appropriate specialty.
The benefit amount you will receive depends on the amount that you have chosen on the application. We offer benefit amounts ranging from $50,000 to $500,000, and you will receive the full amount once your claim is approved. There is no benefit period since this is a lump-sum product.
Please contact our support team and we will explain how we calculate our benefit.
For monthly payments, you will be charged at the start of the payment cycle. In case your credit card bounces, we will give you a one-month grace period to update your credit card information. Please note that we don't keep any credit card information in our files. You are redirected to our partnering payment gateway to update your billing information. After the grace period ends and in case your payment doesn't go through, your policy will be considered cancelled for non-payment.
Yes. Like most insurance policies, pandemic diseases and pandemic-related health complications are not covered by Asteya's income insurance plan.