Disability Insurance

By Toni

Insurance has become such a useful tool in today’s risky world that each and every person wants to be insured if that individual can afford to have one. Insurance means to make sure that the beneficiary gets the agreed benefit upon the loss of insurer under certain terms and conditions that have been agreed between the two parties (the insurance company and the insurer).

There are certain types of insurances, as there are different types of risks in our everyday life. Some of these are as follows:

  • Life Insurance
    Health Insurance
    Vehicle Insurance
    Agriculture Insurance

These types are further divided into so many insurance types that are being traded these days. One of those types is the Disability Insurance, which comes under the heading of Health Insurance. Disability Insurance makes sure that the beneficiary gets the agreed benefit if he gets disabled from the mentioned services due to any health reasons, under the agreed terms and conditions. This includes everything that makes the working uncomfortable, difficult or impossible such as psychological disorders, coma, and pain in the back bone etc.

Disability Insurance in UK:

Disability insurance has been a very useful tool of financial protection for one’s own self and family, in case something accidentally happens, causing permanent or partial disability causing retirement from the work. These sorts of insurances provide long term as well as short term services to the insurer. Some of the very common disability insurance types in UK include:

High Limit disability Insurance:

This disability insurance works on the principle that it does not consider what the income is. It just gives the benefits of 65% of income.

Individual disability Insurance:

These insurance policies are for those individuals who do not have employers offering their disability insurance policy and hence, they have to get insured from the insurance company on their own. The rates, offers, and insurance premiums vary from each company for every individual.

Key person disability Insurance:

These types of insurances are being purchased by companies that do have risk of being heavily affected by the disability of one single key employee that has proved to be a real asset of the company in the past. The benefits being availed through this insurance might be used by the company in order to hire a replacement employee, or in order to do the necessary treatment arrangements for the effected employee.

Business overhead expense disability Insurance:

This kind of disability insurance reimburses all the overhead costs and expenses a company bears in case the owner of the company gets disabled accidentally. Some of the benefits being covered are mortgage or rent, laundry / maintenance, leasing cost, utilities, billing, accounting, collection service fees, insurance premiums, salaries, tax and many other expenses alike.

UK government has also been really helpful and courteous in providing health insurance services to their residents and disability insurance is one of them.
Some of the leading disability insurance providers in UK include:

Drew berry Insurance Experts
Aviva Insurance
United Kingdom Government’s health insurance department