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6 Types of Disability Insurance Policies

Being a work at home mom, insurance is vital not just to protect you in times of emergencies, but your business as well.

There are various types of disability insurance policies to select from. Being a work at home mom, insurance is vital not just to protect you in times of emergencies, but your business as well. Choosing insurance is a great way to ease difficult situations you may encounter. Here are six types of disability insurance policies:

1. Individual Disability Insurance

This insurance is made for the self-employed or employees with no company insurance. The benefits and premiums may differ depending on the need of the individual in regards to the kind of work, the risk involved and the state the insured resides in. Higher premiums are applied to policies that have wider coverage for a broad category of circumstances.

2. Business Overhead Expense Disability Insurance

Business overhead expense disability insurance is intended to refund a business for the overhead expenses incurred in case the owner suffers a disability. This insurance can help the owner with business expenses such as rent or mortgage costs, maintenance fees and other business related expenses.

3. Key-Person Disability Insurance

When a key person in a business becomes disabled, this insurance can give the business owner the benefits of continuing with the business transactions that the key person has left behind. This enables the business to move forward and go on without losing profit.

4. High-Limit Disability Insurance

This policy entitles the insured to a 65 percent income replacement benefit regardless of income level. This disability insurance is on top of a coverage that is already in force.

5. Employer-Supplied Disability Insurance

As one may get injured in a job, this insurance is acquired by the employer for the employees. Under this insurance policy is the workers' compensation. It is important to note that this insurance is only valid when the employee is hurt while working.

6. National Social Insurance Programs

This type of insurance is provided by the government to its citizens. In the U.S., this is the Social Security. This policy ensures that the citizens of a country are given enough disability benefits to prevent the individual from becoming poor.

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