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Disability Insurance >> Compare multiple disability insurance quotes here instantly
Disability insurance, often called disability income insurance, is a form of insurance that insures the beneficiary's earned income against the risk that disability will make working (and therefore earning) impossible. In other words, it answers the question, "How would I pay for my living expenses if I became unable to work?"
The important variables regarding claims are listed below. Not every variable matters to every type of disability insurance, but most of these are generally relevant.
- Was the disability unpredictable (not resulting from previously-known chronic illness)?
- Was the disability incurred in the course of performing job-related duties?
- How long is the waiting period before claim payments start?
- What other insurance policies will pay claims for this event?
- How much money will be paid per week/month/pay period?
- For how many weeks/months/pay periods will payments continue?
- What if the beneficiary is not totally disabled, but only partially?
The amount of disability premium is determined by several factors such as a person’s age, salary, and job. Disability Insurance is something that no one likes to think about, but it might produce a big difference in an unexpected eventuality.
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