Disability is a condition that prevents a person from performing the major duties of his/her occupation. Insurance company’s pays benefits if insured is unable to perform the material and substantial duties of his/her own occupation due to sickness or injury.
Disability insurance is protecting the lack or loss of income during the time that insured become sick or injured.
There are three type of Disability insurance:
- Own Occupation
- Regular Occupation
- Any Occupation
The less favorable, definition of disability states that you are disabled if you cannot work at any gainful occupation. This kind of policy may also have a residual benefit that says if your income goes down the insurance company will pay a partial benefit. One of the most important features for a professional or executive is the own occupation definition.
Disability Insurance is one of the most important financial decisions that everybody must make.
|
