One thing in life is certain and that is uncertainty. People can not exercise their wants on several incidents in life even if they want to do so badly. Disability is one such aspect and can attack anyone at any point in life. Perhaps that’s what how disability insurance came to be an integral part of the insurance industry in the 20th century. Aimed at people who want to secure their existence anticipating a certain illness or accident that would render them disabled, disability insurance has gained popularity especially over the last few decades. The following paragraphs revolve around a few important things every person seeking disability insurance needs to know.
The greatest need of signing up for disability insurance may be found in revealed statistics. However less, your chances of ending up with a disability is always greater than your chances of dying young. Being 30 or above only helps to increase those chances. While a man of that age has about one- fifth chances to become disabled in the long run, for the woman the case is worse at one- third. And there’s no reason why you should think your disability will not last long. Believe it or not more than half the number of people who become disabled for some reason or the other remain in the state even after five years have lapsed after the first occurrence. And yes, if you thought disability in humans is more a consequence of accidents than of health conditions, you’d be wrong. Heart problems and back disorders are regarded as the worst and commonest causes of disability. These figures should tell you why you need to brace yourself.
Disability insurance can be divided into several types. Disability insurance offered by the employer is perhaps the most common kind considering the fact that most cases of disability happen to be the consequence of accidents and on the job accidents are rather frequent. Such coverage offers employees with a number of benefits that may not be found on individual disability insurance. Disability coverage offered by employers has further sub types. On of them is workers’ compensation that employers have to pay employees who are incapable of working full time for some job related injury or illness. The other type is more general in nature and involves the employer and employee in an arrangement where the former pays the latter. This sub type is beneficial since it offers advantages at group rates (which is a clear indication that rates are lesser).
Persons who do not have the advantage of employer- provided disability coverage can opt for individual coverage. Premiums are usually high on individual policies since a wide range of adverse circumstances are thought of while stretching coverage. So the greater a policy offers coverage on one hand, the higher the premium it demands on the other. The United States Government also offers disability benefits to veterans from the marine, sailor and soldier communities. The difference of this genre with that of employer offered lies in the fact that the former is more comprehensive in nature. Veterans get health insurance, life insurance, disability insurance and more in a single package.