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 expanses 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 individuals expanses for the long term up until such time as they are considered permanently disabled and there after. 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 expanses 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.
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