Insure your Income with Disability Insurance
The times are uncertain and anything can happen at any moment. The best way to protect yourselves from accidents is to make prior preparations for the worst possible scenario. With increased pollution and impatience in people diseases, illnesses and disabilities have grown. The number of chronic diseases have increased and so have patients of cancer and other fatal illnesses. Whenever a tragedy strikes it becomes difficult to keep up with regular income. Expenses remain constant, even increase but there is an uncertainty with the income. To cover such accidents and survive in hard times a person must take up an insurance policy.
Disability insurance is a sort of income protection. It insures the policy holder against loss of income in case of a disability. It covers the risk of disability and secures the future of a household. Disability means inability to work or perform tasks. It can be temporary or permanent and the insurance scheme sees to it that in tough times the family gets what it deserves. Disability doesn’t specifically means physical inability. It can be mental, psychological and medical as well.
For instance, a person suffering from cancer will be deemed as medically unfit to work if he is undergoing chemotherapy. Such a disease can be because of radiation at work or various other reasons. Thus he will be covered under disability insurance. Similarly, if a machine-man loses his arm while operating a machine at work, he will be treated as disable and his income will be protected under the scheme.
Disability insurance policies generally are of two types: One that covers only accidents and the other that covers both accidents as well as illnesses. The disability criterion is checked as to whether the accident or illness has resulted in inability to go to work. Another thing that is verified is percentage if disability. For instance, if the disability is more than 80% it is deemed to be permanent disability. In which case the amount provided as claim would be much higher. A disability insurance policy generally covers workmen compensation for work-related accidents and mishaps. It also covers approximately 15 weeks of unemployment insurance.
Disability insurance is primarily for people who work in environments where they are prone to get sick or get into an accident, like people working in a nuclear reactor, labourers in a heavy equipment industry etc.
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