Disability insurance covers women when they are unable to earn a living due to an accidental disability.
Women who take out disability insurance take a policy that takes care of their financial needs in the unfortunate event of an accident rendering them disabled and unable to perform or earn their income.
Types of disability insurance for women
There are two main types of disability insurance. The first is short term disability insurance and this has a fairly short waiting period of around 14 days and can be paid out for anything up to 2 years.
The second is a long term disability insurance policy which takes anything up to several months to start paying out, but which will continue to pay out for 2 or more years or for as long as you are disabled, even if that means for life.
Policy protection
It is important to understand the ways in which women can be protected within a disability insurance policy. These policies should either be non-cancelable or guaranteed renewable.
* Non-cancellable means that the policy cannot be cancelled by the insurance company as long as the premiums are paid, and that the holder has the right to renew the policy every year without increased premiums or decreased coverage.
Guaranteed renewable means that the woman has the right to renew the policy every year with the same benefits but that the insurance company has the right to increase your premiums, as long as they do so for all the other policy holders in the same insurance band.
Which women should take out disability insurance?
The greater the financial responsibilities a woman has, the more important it is for her to have some form of disability insurance.
For example,take women who are the main income earners in their households. If they are injured and unable to work, this would have a catastrophic effect upon the future of their families and children. Disability insurance policy will ensure that such women and their families are able to cope and
make ends meet until they are able to work again.
There are many different providers of disability insurance with varied benefits and premiums, so women taking out disability insurance should consider their options carefully before deciding which best suit their needs.
