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The Accident or Disability insurance provides the much needed financial support in the event of policy holder not being able to work due to the disability caused on account of the accident which is covered by the Policy. This also also provides monthly support for meeting the obligations like paying of the mortgage loan installment or paying the credit card bills. Short term and long term disability policies are available to the individuals. Long term policies are usually highly expensive and hence the Long Term Policies are taken by only those people who are having Income in Six figure Mark.
The long Term Disability policies covers the expenses of the individual till he is fit and ready to work or till the individual is declared as permanently disabled. Most of the insurance companies encourage people to start working in preference to declaring them as unfit for employment and therefore totally disabled.
The other major disability insurance is the Disability overhead insurance which covers the overhead expenses of the Business of the individual till he is back to work.
People taking Long Term Disability policy often take Total Permanent Disability Insurance which provides benefits when a person is totally disabled and can no longer work in their regular profession. This policy is similar to the Life Insurance Policy. Only difference is here the person is permanently disabled and not dead.
Most of the big companies take the Worker's compensation insurance which replaces all or major part of the worker's wages which are lost on account of job related injury. In some of these policies the medical expenses incurred are also reimbursed to the Worker.
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