Disability Insurance | Disability insurance

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DISABILITY INSURANCE

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Disability insurance - what is it?

Before talking about disability insurance, let us find out what "disability" means. According to its definition in a dictionary it is the condition of being unable to perform a task or function because of a physical or mental impairment. If you have become unable to perform your own job you were doing because of injury or illness, you may be called disabled. If you have become unable to perform any occupation for which you are suited by education and experience, it is also disability.

Disability insurance - is income paid to you every week or month when you are unable to work due to sickness or injury. The sum may be a percentage of income or a definite dollar amount. The amount of payment is stated in the policy, the policy also defines how soon you will get disabled payments and when you will stop receiving them. The origin of disability (an accident or illness) influences benefits periods. If the benefit period is longer, the premium you pay is higher.

Generally, you have a choice as there many different types of disability programs. Some programs you can get from private insurers, others - from your employer through its group health package. You can also investigate various public sector programs, such as Social Security and State Disability Insurance programs.

If you have been injured or have become sick as a result of your employment, you may be covered by worker's compensation.

As for types of disability insurance, there are three main types of individual long-term disability policies:

Non-cancelable policy, when you have your premiums fixed while the policy lasts, the rates cannot be increased by the insurance provider, your benefit cannot be decreased, your policy can't be cancelled and renewal of the policy cannot be refused. It offers the double guarantee of re-insurability and locked-in premiums

Guaranteed renewable policy: your premiums can go up provided that the change affects a whole category of occupations, policyholders, etc. It obligates the insurer to continue coverage as long as premiums are paid on the policy.

Conditionally renewable policies: your premiums can be raised and your coverage can be cancelled if any conditions in the policy are triggered.

Disability insurance - what is it?

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