Disability insurance as the name suggests is kind of insurance which offers plans to insure your income that can be lost due to disability or the policyholder is unable to work and earn income due to disability. In case of a accident, illness or a disease such a policy can protect you financially if you become disabled as a result of it.
Types of disability insurance plans
Disability insurance policy intends to replace major fraction of your income that is lost due to inability to do work because of disability. You can easily fulfil your financial obligations from paying bills to looking after your family and covering domestic expenses etc.
Human body has the most sophisticated mechanism. We all have different and unique medical history so, considering the unique medical and financial medical history broadly two disability insurance plans have been created keeping into all sorts of disabilities and its associated problems into mind which are as follows:-
Short term disability insurance
Short term disability insurance as the name suggests is for the short period of time generally between 1 to 2 years and waiting period for claiming the insurance policy is also less. You can keep utilizing the benefits of this insurance till the time you don’t get back to your work or your insurance is not exhausted. Most people who often move in and out of the disability prefer opting the short term disability insurance policy. In general short term disability insurance policy covers injuries sustained as a result of accident as well as the acute diseases which can make a person disabled as a result of which loses the opportunity to do work and earn .
Long term disability insurance
Long term disability insurance is also often called as permanent disability insurance. It is called so because an individual can receive the benefits for a many years or up to his entire life till the time one is not able to get back to his work. It provides protection against variety of medical diseases including cancer, heart disease, tissue rupture, mental illness etc.
These disability insurance plans will help during challenging times of your life. Disability insurance benefits will help assist you to maintain their lifestyle without falling into extreme financial hardships. Depending upon your needs and preferences you can opt for any of the above mentioned disability.
When you consider the benefits that are provided by these insurance plans it makes sense to have disability insurance. Some of the benefits provided by both short term and long term disability insurance are: – financial protector, replaces income source, focuses on recovery, claiming of insurance is easy with having low waiting period. A data says that 1 out of 4during individuals will become disabled during their working career. Particularly talking about the musculoskeletal disorders that can certainly cause disability to you as its number of causing disability is the highest. So wouldn’t it be smarter enough to have a disability insurance whether short term or long term that will protect your future income in case of having a disability.