Will Life Insurance Cover a Disability

 

Will Life Insurance Cover a Disability 

 

Life insurance is a product that protects a family when their loved one dies. Premiums are paid each month; and when a person passes away, the policy is cashed in by the survivors. This money is meant to help cover debts and pay for expenses related to the death of the loved one.  

 

But what happens when a person becomes disabled and cannot cover their expenses? Life insurance does not provide any benefits for people who find themselves out of work because of a disability. For this type of protection, you would need a long-term disability policy.  

 

Most insurance companies and many employers offer Short-Term and Long-Term disability policies. Each of these plans will help you in the event that you become disabled and cannot work. These plans will pay you a percentage of your average wages for a determined period of time.  

 

All disability insurance products are different. Some may have a waiting period before a claim can be made; others may not pay out on the policy unless the disability is deemed permanent. It is very important to take the time to review each of these types of disability insurance programs to see what would best protect you and your family in this type of situation.  

 

The last thing that you should remember is that these policies cannot be purchased after the disability has been diagnosed. This is a type of insurance you would have to have in place prior to any disabling event or sickness. It is always wise to have some sort of protection in place for yourself because you never know when a disability can occur.  

 

A disability is more than just the result of an industrial accident. People can become disabled due to illness or many other factors. Protecting yourself and your family with a disability insurance plan is always a sound decision.

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More information

Please note: VAT is removed in the checkout process

In the UK, disabled people do not have to pay VAT when buying certain disability aids and services (This can be claimed by friend or family member purchasing on their behalf). Not everything supplied to disabled people is necessarily zero-rated for VAT. Goods and services on which you do not have to pay VAT are usually known as 'zero-rated' or 'eligible for VAT relief.

Who is eligible for VAT relief?

You must be 'chronically sick or disabled' to qualify for VAT relief. The HMRC comment on this is as follows. A person is 'chronically sick or disabled' if they either:

VAT Relief on our Disability Aids

All products on the Aids for Mobility website are flagged with an option to claim VAT relief during Checkout if it applies to that item. When you add a zero-rated product or service to your Basket, you will be asked to tick a checkbox to confirm that you, or the person for whom you are buying the item, are eligible for VAT Relief.

How VAT relief works

If you are claiming VAT Relief you will be asked to complete an extra few questions during Checkout, where we will ask you to provide brief details of your disability and confirmation that the product is for 'personal or domestic use'. We will keep a record of this declaration along with your order details. You can then buy the product(s) in your Basket at a price that excludes VAT. You will be asked to make this declaration each time you place an order that includes zero-rated products. It is a legal requirement that we record this information for every order, and we apologise for the inconvenience.

More information from HMRC

You can find out more about VAT Relief for disabled people on the HM Revenue and Customs website. If you cannot find the answer to your questions there or would prefer to speak to an adviser, you can call their Helpline on 0845 302 02 03.

The helpline is open from 8.00 am to 5.00 pm, Monday to Friday. (Closed weekends and bank holidays).