Assorted Disability Insurance
One of many famous insurance types called disability insurance. But, do you know how many types of disability insurance available? There are assorted disability insurance policies you better learn. It is always good to understand the difference of each insurance type. To help you understand those policies and what makes them different, some details below have been gathered just for you.
Assorted Disability Insurance Plans Everyone Must Learn
- Business overhead expense insurance policy for business owners
This insurance policy is designed for business owner to reimburse business for the overhead expenses if business owner experiences disability. The eligible benefits that are included in this policy are mortgage or rent payments, leasing costs, utilities, and maintenance or laundry. The benefits will also include insurance premiums for business, employee salaries and benefits, also property tax.
- Disability insurance plan supplied by the employer
One reason of becoming disabled usually is getting injured at the workplace. That’s why employers are trying to provide disability insurance policies for employees. Insurance policies provided by employers to employees come in some types. First is workers’ compensations. The other type is general disability insurance plan. If you’re the boss, keep your employees feel safe by providing this insurance policy.
- Individual insurance plan for those who don’t get the second insurance policy
Self-employed who desire the disability coverage can purchase individual insurance policy on open market. The benefits and premiums for the individual coverage come in assorted options depend on the companies providing policies. How do you know which individual policy suits you? Use the web based calculators that help you determining the right disability insurance.
- Key person policy for the chosen ones
Key person or key employee usually is crucial employee who helps a lot in improving the company or business. Company usually will use this kind of insurance policy to hire temporary employee if key person got short-term disability. If the key person got permanent disability, this insurance policy will be used in order to help defraying costs that are related to hire the replacement employee.
- Disability insurance policy that is non-cancelable
This policy belongs to those who have lots of money. The only way to cancel this non-cancelable disability insurance policy is when you stop paying its premiums. No other reason for insurer can help canceling this insurance policy. One good thing about this insurance policy is the rates that remain same every year. You can cancel this policy even though insurance company itself cannot do it.
- Living adjustment cost insurance policy for the disabled
Increased and inflation living costs will be way more terrible for those who are disabled. The good thing is that benefits offered by this insurance policy will also increase as living cost rises. This policy is the best one among the others because this policy ensures you that all benefits that are paid will always be enough so you can always cover bills though while struggling with disability.
No one wants to be disabled but no one knows what will happen in the future. Preparing everything, including considering assorted disability insurance policies is always better.