What is Disability Income Insurance?
Disability income insurance is a health insurance product that is paid to a worker income should he/she be unable to continue to perform their job due to risk of disability or accident.
Disability income insurance definition
Disability income insurance is a health insurance product that is paid to a worker income should he/she be unable to continue to perform their job due to risk of disability or accident.
Benefits are provided on a monthly basis and pay a portion of the salary so that the individual can maintain his/her standard of living and continue to pay their regular expenses until retirement age.
Types of disability income insurance
- Individual disability insurance: purchased by the employee, they can vary massively in the benefits they offer
- High-limit disability insurance: designed to protect a substantial part of the monthly income as well as supplementary income
- Key-person disability insurance: purchased by the employer it protects the company against the loss of income should a crucial employeebecome unable to work due to disability or accident.