The type of insurance that covers individuals by giving them a portion of their wages if they cannot work for a long period due to illness or injury is known as "Disability Insurance."
Disability insurance provides financial protection to individuals who are unable to work due to a qualifying illness or injury. It typically replaces a percentage of the individual's income for a specified period while they are unable to work. This type of insurance helps individuals maintain financial stability during times of need when they are unable to earn their regular income.
Having disability insurance can be crucial as it helps individuals meet their financial obligations such as paying bills, rent, or mortgage even when they are unable to work due to a disability. It acts as a safety net to ensure that individuals can still support themselves and their families during challenging times.
In summary, disability insurance is designed to provide income replacement for individuals who are unable to work due to a long-term illness or injury, offering financial support when they need it the most.
