Disability Insurance
Disability insurance is an insurance cover that will safeguard your income in the event that disability makes it difficult or impossible to you to work. The following types of disability insurance are normally available:
National social insurance: in many countries, governments provide disability insurance to all citizens as a measure of social insurance. In the United States, the Social Security programmes also incorporate programs such as Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI). This forms the basic security net for all citizens though it can, of course be supplemented by other forms of insurance.
Disability insurance provided by employers: because a lot of disability occurs when people get hurt on the job, disability insurance provided by employers is an important source of cover. More general disability insurance or benefits like workers compensation may or may not be part of this cover.
Workers compensation: these offer regular payments to employees who are unable to work (usually temporarily) because of injuries suffered on the job. In addition to covering economic losses, these packages often include elements of other forms of insurance such as:
-health insurance. These packages often cover elements of health insurance such as hospitalization and medical expenses.
-life insurance. These packages often offer payments for general damages or benefits payable to dependents of workers who are killed on the job
Veteran’s benefits: various kinds of compensation and benefits are provided to military veterans by the US Department of Veteran Affairs. These may be viewed as a kind of workers compensation intended for people who have served in the armed forces. These can comprise of various elements of insurance including health, disability, life and sometimes mortgage. The extent of coverage is limited.