Disability Insurance

Health insurance is an important aspect of human insurance (other than life insurance) and again of the various forms of health insurance, disability insurance is significant.

Disability Insurance is a form of insurance that Protects a person’s earned income against the risk of disability that make the person unable to complete the core functions of their work. It encompasses paid sick leave, short-term disability benefits, and long-term disability benefits. It not only protects individuals but also business from the loss of keypersons due to diability and job related injuries.

Types of disability insurance
Individual disability insurance – Protects individual’s income so that Individual can fulfill their basic needs. It usually covers 60%-80% of the earnings if you wisely plan the disability insurance. Helps if you get injury or unable to work.
High-limit disability insurance – Protects individual’s income irrespective of their income level so that they have a certain level of assurance that disability will not affect their standard of living.
Key-person disability insurance – If a keyperson in a business set up gets disabled then whole business gets affected so this insurance protects the business’s interest as well as the person’s interest.
National social insurance programs– Developed countries provide social security to everyone as a service in which included various types of policies for disability insurance that one can seek for their protection.
Employer-supplied disability insurance – Most of the employers these days provide disability insurance to its employees to protect their income as well as to cover all the costs in case of injury.
Veterans’ benefits : Disability insurance for military and war veterans.
Group Disability Plans : Disability insurance for group of employees or group of individuals.
Total Permanent Disability:
Total Permanent Disability means that because of sickness or injury, a person is unable to work in any suitable occupation. Insurance companies define permanent disability differently, although typical definitions would include loss of two eyes, arms or legs; or absence from work for six months owing to an accident or illness (without expectation of returning to work). The difference between Total Permanent Disability and income protection insurance is that in the former case, the insured person should be permanently disabled for the insurer to cover his/her case. Insurance against permanent disability can be done by individual or group of individuals (as part of a life insurance package or separately).

Disability Insurance Agencies:
Some of the agencies offering insurance against disability are:

• Guardian Disability Insurance offering Non-Cancellable and Guaranteed Renewable to those aged 65, and contains own-occupation definition of total disability.
• Disability Income Insurance
• Berkshire Life Insurance Company of America offering Provider Plus 1100
• American Life, Health & Disability Insurance Agency
• Palmer Insurance Agency

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Last Updated on : 5th June 2013