Individual Disability Income

Individual Disability Income mainly encompasses professionals, executives and individuals engaged in white collar jobs. It comes in a renewable and rated form. There are various kinds of individual disability coverage.

As long as one is able to work and earn an income things are smooth. But one cannot ignore the thought about what would happen if one becomes disabled and is not able to earn a substantial amount. Individual Disability Income Insurance provides benefits in case one is unable to earn a living when one is ill or get injured. Of course one cannot expect the this income to be the same as the income one would have earned otherwise, but it replaces a large part of one's income ranging from fifty percent to seventy five percent.

One need to have an Individual Disability Income cover because statistics prove that one's chances of getting disabled for a period longer than 3 months is much more than dying while at work. Accidents can occur anywhere and anytime. Therefore, all those who work to earn a living would benefit from this Disability Income Insurance. One can get an individual policy that will protect your own income.

Purchasing a key person insurance helps in protecting your interest if you loose a vital employee. Business overhead expense insurance coverage helps in running the business by paying running overhead expenses in case of sickness or disability. One can even buy a insurance policy that enables to buy your partner's business interest in case he or she becomes disabled.

Each policy is different and definition of total disability should be checked. Also, check that it fulfills the needs of both accident and illness. The waiting time ranges from 30 days to 365 days. The policy also states the benefit period which could be 1, 2 or 5 years or up to the age of 65 years.