Disability insurance is a plan, which pays the person insured with a monthly income in an event where the person becomes disabled as a result of injury or sickness. There are many different types of disability insurance plans. For example, you can choose to insure yourself just for injury only to reduce the premium. The premium is based not only on your age or gender; it also involves your current medical condition and occupation.
Two individuals of the same age, gender and medical condition will pay different premiums and get different coverage due to different occupations. Each plan needs to be carefully paid and tailored. You can even add return of premium option with certain plans to minimize your overall cost but this product is a good example of "you get what you pay for".
Disability income protection plan provides tax free monthly income when the person insured is disabled as a result of injury or sickness.
Just look in your own circle of friends, colleagues and family. Would disability income have made a difference in someone's life?
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