HR Glossary

Disability Income Insurance

Disability income insurance is a health insurance product that is paid to a worker income should he/she be unable to continue to perform their job due to risk of disability or accident.

what-is-disability-income-insurance

Disability income insurance definition

Disability income insurance is a health insurance product that is paid to a worker income should he/she be unable to continue to perform their job due to risk of disability or accident.

Benefits are provided on a monthly basis and pay a portion of the salary so that the individual can maintain his/her standard of living and continue to pay their regular expenses until retirement age.

Types of disability income insurance

– Individual disability insurance: purchased by the employee, they can vary massively in the benefits they offer

– High-limit disability insurance: designed to protect a substantial part of the monthly income as well as supplementary income

– Key-person disability insurance: purchased by the employer it protects the company against the loss of income should a crucial employeebecome unable to work due to disability or accident.

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