If you use your hands for your job and earn money, you might think you need hands insurance.
Reading: How to get insurance on your hands
well, hand insurance exists. however, unless you’re a music star, movie star, or athlete, there’s an easier way to secure your hands.
You probably don’t need to specifically secure your hands. In this article, we discuss:
- your hands as the main financial asset
- how to secure your hands
- a better option to secure your hands
- final thoughts on securing your hands
Let’s get right to the point and discuss your hands as an asset.
your hands: an important financial asset
Take a look at your hands. What do you see? Ok, so you need to trim the fingernails, apply some lotion, and put a band-aid on that cut.
jokes aside. what do you really see? Next to your brain, we see the means to achieve your financial independence. think about it. you can’t find a profession where you don’t use your hands. if you’re a dentist or a surgeon, you use your hands.
Are you a chef? you use your hands.
If you’re an electrician, plumber, carpenter, or some other tradesman, you definitely use your hands.
I’m using my hands right now to write this article. massage therapists, truck drivers, dental hygienists, fishermen… you name it…
professions go on and on. we use our hands for everything, and we take them for granted.
What if you no longer had the use of your hands? or fingers? or the dolls?
It would be very difficult for most of us to continue working, right?
how to secure your hands
you can secure your hands.
Insuring a body part can be an expensive proposition.
There is only one company that I know of that will insure body parts, and that is Lloyd’s of London.
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They are very unique. I won’t go into much detail about them, but they can secure hands. google them. You can see that musicians, athletes, etc. are insured.
the problem of securing your hands
However, insuring your hands or some other type of body part is likely to be an expensive proposition. In addition, it is a very limited coverage. from what I understand, you must have a total loss on your hands to receive a profit. Also, there will likely be an elimination period before you are eligible to receive that benefit.
but hand insurance is a limited insurance policy. what happens if you hurt your wrist? your doll is important, right? or your shoulder? Or, if you are diagnosed with a health condition that prevents you from working? a hand insurance policy will not pay in these cases.
and you have spent a lot of money for no benefit.
Did you know you are more likely to be out of work due to illness?
These unfortunate incidents occur much more frequently than loss of use of the hands.
Fortunately, for most of us, we can insure our hands – and everything else – through an affordable disability insurance policy. we will discuss this next.
hand insurance: a disability policy is a better option
We can insure our hands, and other body parts and organs, through a disability insurance policy. What is disability insurance? It is a policy that will pay you a monthly benefit if you become disabled, on or off the job, from sickness, illness, injury, or accident, and you can no longer work or no longer work full time.
In other words, it’s a policy designed to protect your income.
then if you injure your back and can’t work, a disability insurance policy will pay a benefit. If you are diagnosed with cancer or ALS, a disability insurance policy will pay.
Of course, a hands-only insurance policy won’t.
why is it important to protect your income? think about it. Now, think about this scenario. You just got your paycheck and need to pay some bills. What would you do if that paycheck was the last you received in 6 months? how about a year? how about more time? what would you and your family do for money?
This is the purpose of disability insurance. protects your income in case you are unable to earn income due to disability.
How much does disability insurance cover?
Disability insurance covers around 60% of your salary if you are an employee. If you are a business owner, you can potentially receive 70% or more of your net income. (Related: See Using Correct Income for Disability Insurance.)
How much does disability insurance cost?
ok, john, you say. you have presented me with a great case to secure my hands with disability insurance. but how much does this cost? I don’t want to be poor on insurance.
Good question. I hear you. None of us want to pay more than we have to.
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While you may think the cost of disability insurance is high, it’s not. Depending on your health, income, and circumstances, disability insurance typically costs about 2% of your gross income.
Put another way, for every dollar of benefit you insure, your cost is 2 cents. think about that.
Disability insurance costs 2 cents for every $1 of benefit.
premiums can cost between $0.50 and $3.00 per day. You can certainly find $3.00 a day or less to protect your income and your family’s future, right? that’s usually the cost of a cup of coffee.
If you don’t know how much disability insurance you need, use our disability spreadsheet. just go ahead and fill in the blanks. the estimated amount of your disability insurance is calculated automatically.
disability insurance covers your hands
If you can’t do your job because you can’t use your hands, that’s a disability. the insurer then pays you a benefit based on the provisions of your disability insurance policy.
In addition, almost all disability insurance companies have a provision in their contracts called Presumptive Disability. this means that you are presumed disabled if a certain situation occurs. These situations include loss of use of both hands, loss of use of both feet, and loss of use of one hand and one foot (think stroke). some carriers include a situation of loss of use of a hand.
then, disability insurance will cover your hands. In addition, it will cover anything else (accident or illness) that prevents you from working and earning income.
what if you really want hand insurance?
if you really want hand insurance, contact lloyd’s of london.
However, they do not insure just anyone. As I mentioned earlier, they traditionally insure actors, athletes, etc. these people have millions at stake.
Also, I’m sure that before doing so, they should require these professionals to have an adequate amount of disability insurance. (even if you lose the use of your hands).
so don’t be surprised if they tell you this. Even if you are a specialist surgeon or dentist, you need an adequate amount of disability insurance. the self-employment definition of disability guarantees that you will receive a benefit if you are unable to do your job.
but, if you want hand insurance and nothing else, give them a call.
now you know you can insure your hands with an all-risk disability insurance policy
yes, you can insure your hands with hand insurance. however, the best way for almost everyone to do this is through a disability insurance policy. A disability insurance policy will not only insure your hands, but everything else as well in case you get sick or injured and can’t work long-term.
We take an educational approach to disability insurance. because frankly, it can be confusing. however, disability insurance is one of our specialties. We have helped many people obtain affordable disability insurance. contact us or complete the form below for more information. As with everything we do, we have your best interests in mind. It is the only way we know how to work with our clients.
If you’d like to shop around for hand insurance, contact Lloyd’s of London. If you’re told you need a disability insurance policy, call or email us. we are happy to help.