Disability
What is Disability Insurance?
Disability insurance is a type of insurance policy that provides income replacement if a person becomes unable to work due to a disabling illness or injury. It is designed to protect an individual's income and financial security in the event that they are unable to work and earn a regular income. Disability insurance can be offered as part of a group benefits plan provided by an employer or purchased individually. Disability insurance policies can have varying levels of coverage, and the premiums are typically based on the level of income being insured, the length of the benefit period, and the waiting period before benefits begin. The benefit payments from a disability insurance policy can be used to cover living expenses, medical bills, and other financial obligations while the individual is unable to work.