Why Disability Cover for Women is Vital
January 13, 2015
Disability cover for women insures women when they are unable to earn a living due to an accidental disability.
Women who take out disability insurance sign up for 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 cover for women
There are two main types of disability insurance. The first is short-term disability insurance. And that has a fairly short waiting period of around 14 days. It pays out for anything up to 2 years.
The second is a long-term disability insurance policy. That type takes anything up to several months to start paying out. But it will continue to pay for two or more years or for as long as you are disabled. And that is even if that means for life.
It is important to understand the protection that women get with a disability insurance policy. These policies should either be non-cancellable or have renewal guarantee.
- Non-cancellable means that the insurance company cannot cancel the policy as long as the policy owner pays the premiums. And 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 policyholders in the same insurance band.
Which women should take out disability insurance?
The greater the financial responsibilities a woman has, then 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 can cope and continue to live life normally as possible.
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All info was correct at time of publishing