What insurance policy for disabled

Are you disabled and want to know which insurance is appropriate for you? in this article, I tell you about disability insurance. Insurance means an operation by which the insurer undertakes, through an insurance contract, to provide a service for the benefit of another individual (the insured) upon the occurrence of a unfortunate event in exchange for the payment of a premium or a contribution. Choosing health coverage for your family is the thing that could happen to you.

The risk is subject of an insurance contract. The insurance is taken out by an insured person to protect himself against harmful events (illness, injury, fire, death, etc.) or against risks to certain objects he owns (car, home, etc.).

When a risk occurs, the insurer has the obligation to pay a benefit/compensation in the form of money to the insured, ie to a third party, and in the context of life insurance to the beneficiaries.

In return for this service, the insurer collects a premium from the insured. This sum is the equivalent of the cost of the risk and the operating costs of the insurer.

An insurance contract must be taken out with a company which is authorized to carry out this activity. When we talk about society, we are referring to a bank or an insurance company. The subscription goes through the signature of an insurance contract.

⛳️ What to know about people with disabilities

A disabled person is any person suffering from a infirm or disadvantaged from any point. It is also any person with an impairment which can lead to significant and persistent incapacity and who is subject to encounter limitations in carrying out everyday activities.

The definition of this term is applicable to all, people, women or men, with a particular difficulty. It can be a child, an adult or a senior.

Anything related to disability, which may be motor, speech or language, visual, intellectual, auditory or associated with other human senses.

It can be linked to organic functions, or even come from an autism spectrum disorder or a dysfunction of mental health. 

🌿 Why insurance?

A person's life can change completely after an accident occurs. The injuries she suffers can be the cause of a temporary or permanent handicap, leaving her completely ruined on her own.

Nevertheless, insurance can be of great help, especially for people who have taken the initiative to subscribe to an insurance contract beforehand.

A victim's disability can be covered by several types of insurance, if the disability is not congenital but of accidental origin, and according to what the contract provides.

The notion of risk underlies the principle of insurance, that is to say the fact of being exposed to a potential danger, inherent in an activity or a situation and of which one could not face the financial consequences, that they are related to goods or people.

The accident occurs when there is a potential risk which itself comes from a hazard. Thus, the risk becomes perfectly describable once the danger has been identified, therefore, it can occur, but we do not know if it will occur and when it will occur.

 Insurance is closely linked to the notion of risk, it is a random event feared by an insured for its financial consequences. The hazard is based on 03 criteria:

• The future : you cannot insure a building after its fire
• The uncertain : it is not possible to insure a risk which one is sure will occur on a known date;
• The involuntary : we cannot insure damage caused voluntarily;

🌿 Different types of disability insurance

There are 02 main insurance formulas for the disabled:

🔰 The survivor's pension taken out by a guardian or parent of the disabled person

Contract

The mother and/or father of a disabled person, or any direct or collateral up to the 3rd degree of this person, may subscribe to a contract whose purpose is to have a lump sum or a life annuity paid for the benefit of this person, as of their death.

Similarly, taxpayers who are dependent on any disabled person may take out a survival annuity contract for the benefit of the latter.

Several categories of annuities are offered, the amounts of which are reassessed each year.

Conditions of the survivor's annuity contract

It is very similar to the conditions generally required for a contract for the subscription of a conventional life insurance policy:

• No age criteria for the disabled individual, but age limit of approximately 60 years for the subscriber;
• Health questionnaire where to pass medical examinations for the subscriber;
• Alone the disabled child is the beneficiary ;
• The latter must be affected, at the time of signing the contract, by an infirmity preventing him from working under normal conditions of profitability or, if he is under 18, be unable to acquire training or an instruction of a so-called normal level.

Benefits survivor's pension

In addition to the fact that survival annuity insurance provides the disabled orphan with additional income, it has the following advantages:

In the event of the beneficiary's predecease, the insurer may reimburse, to the insured guardian, the nominal amount of the premiums paid on the survival annuity contract. Survival annuity premiums can be covered by works councils, supplementary pension funds and guardians' mutual societies.

The premium payment opens right to tax reduction. Arrears paid to the disabled individual are only taxable on income for a fraction of their amount.

Survivor's annuity insurance is not taken into account in the calculation of inheritance tax (except contributions paid after the age of 70 and depending on the amount of premiums paid in full).

Arrears are not taken into account in the assessment of the resources of the disabled individual for the allowance for disabled adults, the compensatory allowance, the social housing allowance, the allowance for young children, the family supplement, back-to-school allowance, tuition assistance. As well as for maintenance and accommodation costs in an establishment covered by social assistance

Survival annuity can be combined with various pensions subject to by addition, in particular with regard to the pension for disabled adult orphans (civil servants or soldiers, supplementary pension funds).

It is taken into account for the calculation of the special old-age allowance, the additional allowance. The same applies in the case of accommodation in a reception formation under social assistance for the elderly.

🔰 Disability savings

Disabled savings contract

The disability savings contract is subscribed by the person himself even if the guardians can participate in this savings, individually or by collective contract.

Case of life of the insurance contract: the contract must guarantee to the insured the payment of a capital or a life annuity.

Conditions

The duration of the contract must be less than 6 years (actual duration). The disabled person does not have to be of legal age.

She must be affected, at the time of signing the contract, by an infirmity which, under normal conditions of profitability, prevents her from working if she has Less than 18 years old.

Benefits of Disabled Savings

The payment of disability savings premiums opens right to tax reduction for so-called disabled taxpayers, therefore it is not taken into account when determining the AAH ceiling. The life annuity coming from an option, PEP is not subject to any taxation.

All of the pensions paid out for a disability savings contract are not taken into account beyond a certain amount per year, for the calculation of the allowance for disabled adults

They are in addition to several pensions which are under the principle of submission, in particular the pension for disabled adult orphans (supplementary pension funds, civil servants or soldiers).

They are used to calculate the old-age allowance and the supplementary allowance, with coverage under social assistance for the elderly in the event of accommodation.

We can remember that people with disabilities benefit from two main forms of insurance: survivor's annuity and disability savings. Each type of insurance has its pros and cons. Up to you.

⛳️FAQs

Q: Why is it important for people with disabilities to have a specific insurance policy?

R: People with disabilities may face unique health and wellness challenges.

A specific insurance policy for people with disabilities can provide coverage tailored to their specific needs, such as medical care, mobility aids and home modifications.

Q: What types of coverage are important in a disability insurance policy?

R: A good insurance policy for people with disabilities should include coverage for disability, long-term care, hospice care, and mobility aids.

It is also important to check whether the policy covers costs related to home modifications, special medical equipment and necessary therapies.

Q: How can I find the best insurance policy for people with disabilities?

R: To find the best insurance policy for people with disabilities, it is recommended to work with an insurance advisor who specializes in this area.

They will be able to assess your specific needs, compare the different options available on the market and help you choose a policy that fits your needs and budget.

Q: What financial considerations should be made when choosing a disability insurance policy?

R: When choosing a disability insurance policy, it is important to consider the cost of premiums, deductibles and coverage limits.

It is also important to check if the policy offers flexible payment options or discounts for people with disabilities.

Q: What other insurance resources are available to people with disabilities?

R: In addition to traditional insurance policies, there are government programs and nonprofit organizations that can offer additional insurance assistance for people with disabilities.

It is recommended to check with local social services or disability support groups for information on these resources.

These general answers can help you understand some important aspects to consider when choosing an insurance policy for people with disabilities. However, it is always best to consult a specialist insurance advisor for personalized advice based on your individual situation.

We finished and hope that at the end of your reading, you have found the solution to your problem. But before you leave, here is Monetized his social network experience?