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Disability insurance policies provide financial
support in the event of the policyholder becoming
unable to work because of disabling illness or injury. It provides monthly support to
help pay such obligations as mortgage loans and credit cards. Short-term and
long-term
disability policies are available to individuals, but considering the expense, long-term
policies are generally obtained only by those with at least six-figure incomes, such as
doctors, lawyers, etc. Short-term disability insurance covers a person for a
period typically
up to six months, paying a stipend each month to cover medical bills and other necessities.
Long-term disability insurance covers an
individual's expenses for the long term, up until such time
as they are considered permanently disabled and thereafter. Insurance companies
will often try to encourage the person back into employment in preference to and before
declaring them unable to work at all and therefore totally disabled.
Disability overhead insurance allows business
owners to cover the overhead expenses of their
business while they are unable to work.
Total permanent disability insurance provides
benefits when a person is permanently disabled
and can no longer work in their profession, often taken as an adjunct to life insurance.
Workers' compensation insurance replaces all or
part of a worker's wages lost and accompanying
medical expenses incurred because of a job-related injury.
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