A Major Accident Or Illness Can Strike At Any Time
Disability insurance, or disability income insurance as it is also referred to, is a type of insurance which offers cover in case an individual is in an accident or hospitalized and unable to work and earn a paycheck.
Who must have disability insurance? The fact of the matter is that any sort of accident or sickness can strike whenever and every person should be prepared for the unexpected. If you are self-employed or work for a company that doesn’t provide any such added benefits, disability insurance is crucial.
Many credible insurance companies offer a liability insurance policy as part of their range of products and services. The price of such a policy would be dependent on a number of factors: The more your insurance package should pay out in case of disability, the more expensive your associated premiums. The same applies for the type of cover linked to the policy. Some policies covers benefits in a wide range of circumstances, while other policies will be more specific as to the terms and conditions of such benefits. The wider the range of circumstances cover, the higher the monthly premium.
Business owners are also advised to obtain disability insurance. In such cases the insurance policy is termed business overhead expense disability insurance and the objective of such a policy is to cover typical business expenses should the owner of the business experience a disability. This will enable the firm to still pay the office rent, salaries and general day-to-day running expenses.
Should you be considering obtaining disability insurance, there are numerous of questions that you should ask your insurance firm or broker. One of the most important questions are how long the waiting period is before claim payments will commence and how much money will be paid month-to-month.
It is also vital that you enquire about the business’s policy on partially disabled persons. In some instances a policy will only compensate once a person is not able to do ANY job, while other policies will pay out if the beneficiary can’t return to his/her own occupation.
Disability insurance must be high on each person’s priority list – don’t wait until it’s too late!
For more information about disability insurance visit the website http://www.alllife.co.za
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