Disability in general terms is considered as inability to do work from performing simple day to day activities to earning income . There are different types of disabilities which can be caused due to illness, accident, injury or by birth as well . Important facts that you can know about disability insurance are as follows :-
There are different types of disabilities – people are aware about disability in a very general term which is also a reason they are unaware about different types of insurances related to different types of disabilities.
Some specified disabilities are – locomotors disability , visual impairment, hearing impairment, intellectual disability, mental behavior (mental illness), disability caused due to chronic neurological conditions such as multiple sclerosis and Parkinson’s disease, blood disorder.
Proneness of adults getting disability:– according to an estimate over 1 out of 4 of today’s 20 year olds will become disabled before they retire or around the age of 60 -65 years .
Around 9% of disability happens due to accidents :- figures related to disability causes due to accidents are very less . Accidents that can cause disability are related to motor vehicle accidents, falling ,some other incidents can be due to natural forces like lightning and also due to anthropogenic reasons.
Around 91-92% of disability is caused due to illnesses:- neglecting your health for a considerable long time can lead you towards disability which is proven by the data as well so the huge majority of disabilities are caused due to illnesses.
Most of the disabilities are not work related: day to day activities incurred by individuals apart from their work cause more disability incidents. Very less percentage of workers miss work because of a job related injury or illnesses.
Types of disability insurance:- as the requirements of every individual are different so is the disability insurance structured considering the different requirements of every individual . Different types of disability insurance are as follows :- A) long term disability insurance. B) short term disability insurance. C) permanent disability insurance.
Increasing number of disability insurance :- because of the increased awareness the disability insurance enrollment is increasing day by day , with increasing workforce participation particularly the women’s participation in jobs or workforce has increased which have risen the disability insurance enrollment graph . The Internet is also playing as a strong medium to spread awareness related to disability insurance.
You can reap the benefits when you are alive :- unlike the other insurances like life insurance one is alive to reap the benefits of the disability insurance that they have purchased.
Diseases/Disorders that cause the most number of disabilities:- musculoskeletal and connective tissue disorders cause the leading number of disabilities which is followed by diseases related to nervous system and sensory organs .
Disability can come as a financial burden to your family:– even if you are spending 10% of your annual income in savings, then one year of your totally being disabled can wipe out 10 years of your savings. Get a quote now.!