Disability Insurance

Disability Insurance(Accident and sickness)

DISABILITY INCOME INSURANCE PAYS A MONTHLY BENEFIT TO THE INSURED

It provides an income benefit. Disability insurance and critical illness insurance are designed for different purposes.
Critical illness offers a lump sum payment to the insured who suffer a critical illness insurance but disability insurance provides monthly income benefit to cover basic daily living expenses for those who are unable to work (disabled) because of an accident or sickness.
It replaces a percentage of the monthly income.

Benefits of disability insurance are centered on:

Income
Type of job (to evaluate risks)
OTHER sources of disability benefits
Can expect 60-70% of the earned income
Waiting period common are 30 or 60 days * The longer the waiting period, the lower the premium
Benefit period common are 2 or 5 years * The longer the benefit period, the higher the premium

The disability must result from an accident or sickness (ruling out pre-existing conditions)
Will not pay more than earned income
Benefits received from any or all sources (private or public)

Availability and cost of Disability Insurance is determined by:

Morbidity rates: Possibility of sickness and injury i.e. age, gender, smoking, occupation

Classification	Represented by
5 (Lowest Morbidity)	Professional occupations including doctors, dentists, chartered accountants, etc. and executives who meet certain criteria
4	Professionals and executives including managers and skilled office workerson
3	Sales people and supervisors who work in non-office environments
2	Skilled manual labourers, trades people, and semi skilled workers
1 (Highest Morbidity)	Unskilled workers, general labourers, and agricultural workers

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