What is Individual Disability Insurance?
Individual disability insurance provides financial protection by replacing a portion of an individual's income if they become disabled and unable to work.The policy usually includes a waiting period (also known as an elimination period) prior to the start of benefits and a maximum benefit period that determines how long benefits can be paid. "Own-occupation" policies prioritize the capacity to carry out one's own job, while "any-occupation" policies take into account any appropriate job. Cost-of-living adjustments are one example of an optional rider that can improve coverage. Medical underwriting frequently affects the availability and cost of the policy. It is essential to comprehend the terms of the policy and seek professional advice when selecting coverage.
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