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Disability Insurance

Information on Disability Insurance

Introduction

Disability Insurance is a kind of policy that is designed to protect one’s income should a policyholder become critically ill or injured and, as a result, be unable to work for a certain period of time. It provides coverage for injury to any part of your physical body, including such critical aspects as eyesight, hearing, limbs and hands, and even for mental incapacitation.

Who Benefits

Just about anyone can benefit from this kind of policy protection. This conclusion is reached by the sobering fact that anyone can unexpectedly become injured or sick at any time, which can then lead to the inability to perform employment duties. This kind of protection is often provided to an owner of his or her own businesses, the self-employed, regular employees and even those who are between jobs. It is a far-reaching potential benefit to all.

How it Operates

Payout levels will vary depending on the choices of coverage and policies are renewable on an annual basis. Should one become ill or injured and become unable to perform his or her work duties, one then files a claim for financial compensation from the insurance provider. The extended payouts will be in effect until the policyholder is once again well enough to resume work duties.

Kinds of Coverage

A typical disability policy will offer two major kinds of coverage: Non-concealable and Guarantee Renewable. Non-concealable means that unless the covered individual fails in making his or her payments, the insurance company will never cancel the policy and the policyholder may renew the coverage without a decrease in benefits or a premium increase. Guarantee renewable implies that the insured person may renew the policy and continue to have the same benefits, but the insurer can increase the policyholder’s premium payments.






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