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Disability Insurance - An Accident Or Illness Can Strike At Any Time

Disability insurance, or disability income insurance as it is also referred to, is a type of insurance that offers cover in case an individual is involved in an accident or hospitalized and unable to work and earn an income.

Who should have disability insurance? The fact of the matter is that an accident or illness can strike at any time and every individual should be prepared for the unforeseen. If you are self employed or work for a company that doesn't provide any such benefits, disability insurance is of vital importance.

Many credible insurance companies offer a liability insurance policy as part of their range of products and services. The cost of such a policy would be dependent on a number of factors: The more your insurance package should pay out in case of disability, the higher your associated premiums. The same applies for the type of cover associated with the policy. Some policies will pay for benefits in a wide range of circumstances, while other policies will be more specific as to the terms and conditions of such benefits. The broader the range of circumstances cover, the higher the monthly premium.

Business owners are also advised to obtain disability insurance. In this instance the policy is termed business overhead expense disability insurance and the aim of such a policy is to cover general business expenses should the owner of the business experience a disability. This will enable the company to still pay the office rent, salaries and general day-to-day running costs.

Should you be interested in obtaining disability insurance, there are a number of questions that you should ask your insurance agent or broker. Probably the most important questions are how long the waiting period is before claim payments will commence and how much money will be paid monthly.

It is also important to enquire about the company's policy on partially disabled persons. In some instances a policy will only pay out once an individual is not able to do ANY job, while other policies will pay out if the beneficiary can't return to his/her own occupation.

Disability insurance should be high on each person's priority list - don't wait until it's too late!