Pro Financial Services
Disability Insurance , often known as DI or disability income insurance, is a form of insurance that insures the beneficiary’s earned income against the risk that disability will make working (and therefore earning) impossible. It includes paid sick leave, short-term disability benefits, and many long-term disability benefits. Stats show in the US a disabling accident occurs every second. The different types of disability insurances available are: • Individual disability insurance. • High Limit Disability Insurance • Key Person Disability Insurance • Business Overhead Expense Disability Insurance • National Social Insurance Programs • Employer-Supplied Disability Insurance In order to plan for your financial support in case of disability you need to look into the following points: 1. Cost of medical treatment: First of all, you should be aware of the insurance cover that your employer provides for you and your family. If in case this cover is not enough, you need to buy additional cover. It is also important that when you are taking additional cover, do mention the existing cover from your employer in the application form. Most of the insurance agents may ask you not to do it or may not even bring up the subject; but this is important because such hidden facts may allow the insurance company to reject your claim at the time of need. 2. Transfer of other expenses: If your life insurance policy is offering premium waiver benefit, take it. Mostly, these waivers are offered in case you are incapacitated. Here, the insurance company, on your behalf, is going to pay for the premiums, either till the disability continues or the end of the policy term, whichever comes earlier. The cost of such riders is generally not very high. For a 30-year old taking a policy of Rs 50lakh (Rs 5 million) for 20 years, the premium waiver option comes for a mere Rs 490 a year. 3. Compensation: While expenses covered above are useful, sometimes they do not help in running a household. Here too, there are some good policies available to you. Almost all policies have a critical illness plan as well as a disability rider. Looking at the benefits it is basically useful to get an insurance done to avoid any problem in case any disability occurs.
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