Get An Individual Disability Insurance

This is an insurance scheme which one can buy as a back-up of anywhere of 45%-60% of one’s gross income. Under the scheme, if one is not able to earn from his occupation because of any long-term illness or accident. This insurance cover is generally made to ensure a tax-free basis cover of your income.

However, there are many kinds of disability insurance policies in the market. It is a complex contract which is made with an insurance firm under many terms and conditions. Therefore, to understand and find a suitable policy means looking at the various schemes of disability insurance policies carefully. The contract very much relies on the definition of the disability in the schemes and there are different kinds.

First, is own-occupation which defines that one becoming disabled might not be able to carry out his occupation as done previously but will be engaged in some other capacity. This scheme considers that situation and looks at your claim or quote accordingly. Then there is an insurance which looks at your claim where you are in no condition to engage yourself productively.

Secondly, there are schemes which consider policy for cases where the person concerned is not able to work in a previous position for which he is qualified in training and experience. Apart from that an insurance policy covering individual disability provides for renewal, residual insurance, and a benefit period which are specifically designed so as to provide material assistance to the person concerned. Often people simply take it as a policy cover and try to go for low-price shopping which can be a loss. This is because any kind of disability insurance may not be your cup of tea.