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What is the purpose of Disability Insurance? Explain the difference between the waiting period and the...

What is the purpose of Disability Insurance? Explain the difference between the waiting period and the benefit period.

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Answer #1

Disability insurance provides insurance coverage to a worker in case he/she is unable to work due to some permanent or temporary disability/ accident so, it ensures a regular flow of income to the suffering. Also it bears medical expenses too.

Waiting period is the time for which the insured must wait until he/she can enjoy insurance coverage partially or completely while benefit period refers to the time in which an issures can avail the benefit of the amount covered in the insurance in event of happening.

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