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About Residual Disability Insurance

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Residual Disability is the kind of insurance in which the insured person still works in his or her regular occupation. Nevertheless, due to an injury or sickness is either losing 20% of his or her income as a minimum, or suffering a loss of time and duties. In these two features is where the two main categories of residual disability insurance lie in. According to the website, residual disability is defined as “in better policies, a disability that causes an insured's income to fall more than 20% below its pre-disability level. Some companies include a loss of time requirement or the inability to perform some duties of the insured's regular occupation.”

However, the two kinds of claims differ in some aspects. Experts believe that a residual disability provision based on income losing is much better or advantageous since what almost all insured ones expect is to receive the corresponding income until the moment that their regular income is set back. On the other hand, in a loss of time and duties claim, the company, almost always, quits the payments once you return working in a full time way. Residual disability provisions are considered to be similar to relying on a limitless recovery benefit, whereas the common recovery benefit is available for just a specific period of time. Do not forget that some companies combine both elements in their contracts.

This contrasts greatly with the total disability. The main difference between them is that the residual disability insurance policies are kind of “partial” and the total obviously not. Usually, the residual benefit confers payments to the insured people for a period of, at least, 6 months and at a rate of 50% as a minimum of the whole disability benefit. Moreover, it is important for you to know that the greater your loss of your income, the higher your residual payments. In order to qualify to receive these benefits, you must be under the care of a physician.

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