Disability Insurance Essay Samples

If an employee is incapacitated to work, as a result, of any disability, he or she is entitled to receive a wage replacement, in most cases partial if he or she has taken a disability insurance cover. This insurance cover encompasses injuries or illnesses that are caused by all other causes other than industrial injuries. Pregnancy or pregnant related illnesses can also be covered by this insurance cover. With regards to this insurance cover, disability is any physical or mental illness that inhibits a person from undertaking their regular responsibilities. This insurance cover is important for everyone. The reason is that everyone faces a risk of being disabled before he or she attains the age of retirement.
The proceeds or compensation from the insurance company that the insured gets could be used in making life bearable for the disabled or incapacitated person once the risk occurs. Disability insurance policy matures after several requirements have been done. Firstly, the insured must proof to the insurance company beyond any reasonable doubt that the disability has rendered him unable to perform the tasks assigned to him or her. Disability insurance comes in different forms and types. Individual disability insurance is available to individuals who feel they are exposed to the risk of disability. The individuals themselves buy and finance the policies by paying premiums.
Employer-supplied disability insurance is another type of disability insurance. In this type of insurance, the employers pay the premiums on behalf of the employees. This is made to recognize that on-the-job-injury is sometimes inevitable due to the risky nature of work. Workers’ compensation is also another type of disability insurance that is available to purchase by employers on behalf of their employees.