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Disability Insurance

In today's world of uncertainties, anything can happen at anytime. Nothing is predictable at all. Same is the case with disabilities. God forbid, but if because of atrocious luck, you become disabled, then your chances of employment will become bleak. You may even find it very difficult to meet your short term monetary needs. Consequently, you may find yourself stranded in the middle of the way having no one around you who can really provide you with some help in your endeavors.

For such times, the concept of disability insurance was incepted. These insurance schemes comes with a coverage of a large number of disabilities which are indeed very common in people of all ages. These include disability acquired because of any fatal auto accident, because of any kind of heart disease, because of any kind of mental trauma, and many other such things which are indeed very unpredictable.

Types of Disability Insurance Policies

These insurance policies are broadly classified under two main categories:

- Short term disability insurance policies – These policies mainly provide coverage for the first few weeks of disability. Generally, they have an upper cap of around two years beyond which no coverage is provided to the insured person. These are mainly provided by the employers as a part of benefits package which they offer to their loyal employees.

- Long term disability insurance policies – These policies extend their coverage for a longer period of time, may be several years. These are not provided by many employers, but they are beneficial for almost every prudent individual.

Benefits of Disability Insurance

- These insurance policies can provide a great source of secondary income in case of any mishaps, which is not provided in any medical or other insurances.

- These policies guarantee the protection of your own as well as your family, and thus can work as a great source of relief for you.

- You get an assured tax relief on the installments paid towards the premiums of these policies. Thus, they also help you in saving your taxes.

- One major benefit of these policies over other medical insurance policies is that the terms and conditions of these policies are almost same for people of all ages. For example, in medical insurance, the amount of the premiums differ on the basis of the age of the person who is insured. For young people the amount is less, and for older people the amount of the premiums is somewhat more. Here, the premiums are same irrespective of the age of the person insured.

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