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Disability Insurance Why Required?
How disability occurs?
Disability may come in various forms. It may result from physical (accidental) or developmental incapacitation. There may be some disability by birth, but most of the disabilities occur due to accident or illness. Physical or accidental disability may occur:
-While walking, running, jumping, playing, climbing a tree, boarding a bus, crossing the road or railway tracks, driving a vehicle, climbing up or down stair cases or ladder , while traveling in a vehicle, aero-plane, ship etc
-While traveling in a train
-Slipping / falling from the mountain terrain
-Biting by Insects, Snakes, Wild animals
-Removal of breast resulting from incurable disease including Cancer
-Racing on wheels, big game hunting, mountaineering whilst engaged in winter sports, skiing, and ice hockey et al.
Disability Insurance Policy
Disability Insurance Policy is therefore designed to provide a person with an income to meet with his or her financial obligations and maintain lifestyle if he or she becomes disabled. This Policy is the only certainty to provide a guaranteed compensation. Even after the recovery from a particular disability, the insurance policy does not lapse, but it continues and benefits could be payable again for subsequent disabilities.
Types of Products
Insurance companies have designed various products under Disability Insurance policies according to the needs of insured. There are Personal products and Business products, Individual Disability Insurance Policies. And, then there are Short Term Disability Insurance and Long Term insurance policies.
Personal Products are devised to suit the needs of Professionals, Business Owners, Executives and / or Employees. Business Products, on the other hand, are designed to protect both the independence and profitability of a business owner. Insurance companies offer various types of disability insurance for business owners to reimburse certain business expenses fund a buy-sell agreement or help a replacement for a disabled employee. Whatever your status or position may be, Insurance Advisors can tailor a plan to suit your convenience and needs.
Individual Disability insurance policy provides with an income to take care of financial obligations of an individual whereas, Group Disability Insurance Policy is procured by an Employer or an Association for its employees or workers. This policy may be taken on Short Term basis or Long Term basis.
The disability needs calculator devised by the Insurers help you to determine the income you have to maintain either under the Personal products or monthly business expenses you to cover to maintain profitability if you are disabled under Business Products. To know about the Premium Rates, Terms and obligations under the Disability Insurance policies, you can contact Insurance Advisors for no-obligation consultation.
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