What is disability insurance?
Disability Insurance, often called DI or disability income insurance, or income protection, is a form of insurance that insures the beneficiary’s earned income against the risk that a disability creates a barrier for completion of core work functions.
What does disability insurance cover
A disability can happen due to various reasons. Let us understand the coverage offered by this insurance:
- A monthly benefit is paid out once disabled, up to a particular period as specified in the policy
- Some insurance offer a waiver of premium in their base coverage
Why to get Disability Coverage?
If you have an accident or are injured, your health insurance will usually assist in paying your medical expenditures. People occasionally fail to plan for scenarios in which they are physically unable to work. Planning ahead of time can mitigate severe
financial risk. This is where disability insurance comes in. Disability insurance is available to anybody and can compensate the risk
of income loss. Most individuals value their financial well-being, which necessitates preparation.
What are the advantages of buying a disability insurance?
- Accident and disability of the earning member of the family can have a tremendous impact on the Lifestyle of an individual and the family. Having disability insurance will keep you and your family secure in case of any mishap.
- If an accident leads to disability, chances are high for you will be unable to work for some time. Disability insurance can can help pay for the essential expenses during that time.
