Disability insurance refers to coverage for an individual whose disability keeps him or her from performing work duties.
This covers both injuries from accidents and on-the-job injuries. Life threatening illnesses such as cancer and heart disease are also covered by disability insurance. While the worker is recovering, the insurance will pay some of the income that is lost during that time period.
Types of Disability
There are two types of disability available. Short-term and Long-term insurance. Short-term insurance will cover the worker up to six months, while long-term insurance will reimburse lost wages for much longer.
How Much Does It Cost?
If you are in a high risk job such as building large bridges or skydiving, your policy costs might be a bit higher than someone who is an author who sits at a desk. Also, if you are at risk for serious medical conditions, your premiums will be higher than those who are not at risk. Some factors that will be taken into consideration are your occupation, lifestyle habits, overall health and the amount you would like to receive if disability payments are required.
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