Types of disability Insurance

by admin on May 30, 2011

Types of disability Insurance

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Home Page > Law > Personal Injury > Types of disability Insurance

Types of disability Insurance

Posted: May 30, 2011 |Comments: 0

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Your inability to perform your current job due to an accident or a disease would be covered under disability insurance policy. Many workers still could not conceive of a scenario where they are incapacitated and as a result their ability to earn is lost or left bare minimum. Apart from the physical trauma you will also have to undergo the mental trauma of being in this situation and don’t know a way out of it. The situation can get worse and only a disability insurance policy could come to your rescue. There are different types of disability insurance policies based on the end use of funds attained through insurance company. Let us further study these different types of disability insurance in little more detail.

When we are in our prime and earning well we have no doubt in our future abilities to earn more or at least maintain our current standard of earning. It is normal to buy your home on a mortgage and take loans for buying a car or even have an outstanding on your credit card. A sudden accident can change the entire dynamics against you. These liabilities still hold good but the problem will be that you won’t be able to earn and repay these liabilities. Many people have no choice but to declare them bankrupt in this kind of a situation. If you had taken a disability insurance things would have been much better at least on the financial front.  The different types on disability insurance policies which could help you are as following:

Mortgage Disability Insurance – It is very normal to buy homes against mortgage loans. And it is also a fact that more people foreclose their homes due to disability than any other reason. Mortgage disability insurance policies are designed in such a way that in case of a permanent disability they could take care of your mortgage.

Credit Disability Insurance – An average earning individual would have taken different loans with all the intention to pay it back. But what happens the same individual if he has met with an accident, and though has managed to save life but not is earning abilities. His intension to pay would be still there but ability to pay would be missing. Your non-ability pay doesn’t hold any hold for the loan company they are still entitled to recover all their dues through legal means. Credit disability insurance is your only way out of this situation.

By going through the above details you would now be in a better position to understand requirement and necessity to have a disability insurance policy and the different policy options you have.

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