Lifetime Disability Benefit

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Lifetime Disability Benefit A provision in some disability income policies to recoup lost wages for the term of disability or remainder of insured's life in case of permanent disability and continues payments until the death of the insured. There are two main types of lifetime disability benefits: own occupation and any occupation. Own occupation policies pay benefits if you are unable to perform the duties of your own job, even if you can still work in another job. Any occupation policies pay benefits if you are unable to perform any job, regardless of your previous occupation. Here are some of the benefits of lifetime disability insurance: -Provides financial support if you become disabled and unable to work. -Can help you maintain your standard of living. -Can help you pay for medical expenses. -Can help you pay for long-term care. -Can help you protect your assets. Here are some of the drawbacks of lifetime disability insurance: -Can be expensive. -May have a waiting period before benefits begin. -May have a maximum benefit period -May have exclusions for certain conditions. #benewinsurance #insurtech #inclusiveinsurance #insurance #reinsurance #takaful

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