We meet with people and ask a lot of questions.  It’s what we do, because sometimes it’s about educating. In this installment of  “A Balanced Approach” we are talking about a “freebie”.  Everyone likes a freebie.  Here is what you need to know.

If you are an independent contractor and get paid and receive a 1099, you can take part in California’s state disability program.  If you were to get sick/hurt/pregnant and couldn’t work, you would be sent a check.  Anyone receiving income can apply; even partners that take a draw. This means anyone who is paid for work.

Your minimum yearly income must be $4600. You also must show you were working before you became disabled. You must be enrolled and in the system for two complete calendar quarters before you can collect benefits.

If you are thinking of becoming a mother you are also eligible for state disability. Your benefit would be 6 weeks before you deliver, and for 6 weeks after delivery.

Disability is an essential part of your financial planning and when we are working with independent contractors who want to protect themselves, the first thing we do is make sure they are enrolled in the state program. Then, we can help them find a policy that will supplement that coverage.  Disability or “Income Replacement Insurance” is something everyone needs, but if you own a home or have a family that relies on that income it becomes even more important than life insurance.

Call 1 800 480-3287 follow the prompts and get the elective coverage kit. This is not us. We get no commission. This is the state of California hotline.

When you look for a financial planning professional; look for someone who looks after your entire financial health even if there is no “sale” involved.

If you live in the sate of California and have more questions give us a call! 877.728.6590