Disability Insurance

Most of us think that we do not need a disability insurance as we fancy that we won’t have any disability in the near future. Many cases of disabilities are not due to injuries but only due to illness. Only 13% of the disabilities happen due to injuries. All other cases are from illness. An illness may affect you whether you are an advocate or a computer engineer or some other highly paid employee.Diseases like cancer, cardiovascular problem and diabetes affect most of us regardless of what we do for example, if you are taking chemotherapy for cancer to increase the ability to go for your high income job, you have to realize the fact that you are reducing your immune system of your body. This also increases the possibility for more disabilities.So never believe that you may not be affected by any disease or injury in your life. If you happen to suffer a disability for more than 3 months there is a possibility that you may remain disabled for more than two and half years. Taking a disability insurance will be the best solution and it is the solid foundation of any shrewd person.There are two types of individual disability insurance.Short Term Disability Insurance This insurance does not extend beyond 2 years and has a waiting period of upto 14 sdays.Long Term Disability InsuranceThis is different from the previous one. This one can extend for many years. But he waiting period will last for many months.As for as a non cancelable policy is concerned, you can renew your disability insurance annually at the same cost of premium and benefits of coverage. Here, the insurance company will not be able to deny you insurance or cancel it. But in the care of a guaranteed renewable policy, the company has the right to make you pay for the rising cost in the premium.There are various forms of disability insurance in developed countries.They are:Employer disability insurance.Worker’s compensation.National Insurance program and individual disability insurance.Disability Insurance covers us from the loss of earning because of a permanent or a temporary disability so make sure that you have taken your disability insurance at the proper time in order to avoid losing the benefits of availing one.