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15 Ways to lower your car insurance quote
15 Ways to lower your car insurance quote 1.Shop around The difference in price between various companies can be significant. What one company may consider a high risk factor another company may not view as so important. Insurance companies...
Different Types of Health Insurance Explained
Health is the biggest and most crucial asset of every living
being. An unhealthy animal and individual can never truly
experience any joy. It is the wealth of health that provides the
requisite potential to topple over all odds and to move...
Top 8 Life Insurance Mistakes to Avoid
Mistake #1
Don't forget to update the beneficiaries on your life insurance policies regularly. Update it every few years or when there's a major life event such as marriage, divorce, new babies, death of beneficiary, etc. I hear sad stories all the...
Understanding the Importance of Mortgage Protection Life Insurance
Your house is a big investment – probably one of the biggest you’re every likely to make. It is also the place that you and your loved ones call home; a shelter and haven from the outside world. That’s why it is so important to ensure that your...
Vision Insurance: Your Child's Vision and Preparing for Unforeseen Problems
Today, 1 in 4 children has an undiagnosed vision problem.
Although, the chances of developing a vision problem are greater
if there is a history of eyesight problems in your family, many
children with no such family history encounter a...
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Disability insurance 101- What You Absolutely Need to Know
Disability insurance is the mutual agreement between the policy provider and the beneficiary in which the provider agrees to pay a certain amount of money to the beneficiary on certain unexpected event leading to a disability, which incapacitates the person in doing his duties of the occupation and / or of any other job.
Disability insurance is of three broad types depending on the clause put forward by the insurance provider:
a)Own occupation disability insurance
b)Income replacement insurance
c)Gainful occupation coverage
1) Own occupation disability insurance refers to the insurance money claimed by the beneficiary on his/her inability to perform the regular duties of the regular occupation although the person may or may not able to do another job.
2)Income replacement insurance means that the policy provider is supposed to pay the agreed amount in case because of some mishap you are not able to do your duties both in your occupation and any other job.
3)Gainful occupation coverage denotes that the beneficiary will get the payment if he / she is neither able
to perform the duties of the occupation nor any other work which the person is capable of doing because of his/ her education or knowledge.
There are certain other legal terms attached to this type of insurance. Elimination period is the time period from the time of the disability to the maximum time you are eligible to earn benefits. A short elimination period will be charged higher than the longer elimination period.
The period of time the beneficiary is eligible to earn benefit is called the benefit period.
Now the most important thing is certain points which are excluded from the usual policies for e.g. if the claimant has suffered the disability in times of war or even while in alcohol or drugs or having the damage while involved in crime most of the policies either refrain from providing benefits or will provide only limited benefits. These points are to be looked for before signing onto the policies for these are usually written in fine print.
About the Author
Rita Roy writes about Disability Insurance topics.
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