June 12, 2009

Disability Insurance and its purpose

The insurance is also called as disability income insurance. This insurance comes under 6-basic types of insurance. Disability insurance policy is a type of insurance which works after any accident happened of the insured person. If any accident occurs to insured person, he or she will get long tern financial benefits. Disability insurance benefits are also available in 3 types, such as long-term, short-term and paid sick leave.

The main purpose of disability insurance is to get back the previous income of insured person after become unfortunately disabled. The insurance policy in the market comes under some terms and conditions for whom will get the benefits of disability. Actually a person can work for a particular point of time, after that he / she becomes disabled to work. Hence the policy will provide the person the financially benefits and even the policy can be extended till the expiry for the insurer. Employed persons should purchase disability insurance and mainly it’s very important to check that you have Group disability, Social Security Disability or Workers compensation. So that you can find out how much facility you are being covered.

Cost of the policy:
The costs of this insurance policy mainly vary from provider to provider. There are lots of insurance companies in the market which offer disability insurance; you need to collect some insurance quotes from different source. Most of the cheap insurance policies do not cover certain incidents which can effect in an injury or even may not cover debilitating illness. It is suggested to read the policy’s terms and condition carefully before you purchase or make decision to go for it.

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