Insurance Against Occupational Disability: Your Protection Against Financial Risks
Frequently asked questions
This insurance offers coverage for individuals if they become unable to perform their profession due to a disability. The disability could be a result of an accident, illness or a mental health condition that prevents the insured from carrying out their duties.
Occupational disability can lead to loss of income which can cause financial distress. By having insurance against occupational disability, you are protecting yourself from potential financial hardship that can result if you become unable to work.
When you take out the insurance, you will make regular payments or premiums. If you become occupationally disabled, the insurance provider will provide a monthly payment – this is often a percentage of your normal income.
Anyone who relies on their income to cover their living expenses should consider this type of insurance. It can be particularly important for self-employed individuals, professionals, and those who have financial dependants.
Generally, the cause of disability does not matter for claiming the insurance, whether the disability is due to accident, illness, or mental health problems. However, each policy can have its specific conditions, so it’s important to read and understand your policy.