As a working adult, you may have heard about disability income insurance and wondered if you should consider it. Disability income insurance ensures that if you are unable to work because of illness or injury, you will continue to receive an income to make ends meet until you are able to return to work. We like to think of it as insurance for your paycheck.
Source;US Social Security Administration &Council for Disability Awareness (2013, July).
One question we are often asked is, “How much disability income should I have?” The short worksheet below can give you a good idea of what you will need. Disability income is generally not taxed so you do not need to collect the full amount of your paycheck
|Monthly housing (mortgage, rent, insurance, taxes)||$|
|Utilities (telephone, electricity, gas, oil, cable, TV, internet)||$|
|Transportation (car payments, gasoline, insurance)||$|
|Education (tuition, books, supplies)||$|
|Health care (out-of-pocket costs, insurance premiums)||$|
|Debt payments (credit cards, other debt)||$|
|Other (dependent care, life insurance premiums)||$|
|Total essential monthly expenses|
If you call us we can help you determine what level of disability income coverage is right for you. The premiums are very competitive.
Steve has been active in the field of insurance advising for over a decade now, and has many happy clients to his credit. This tech savvy insurance agent with an awesome team makes sure that all your requests and inquiries are taken care of within 24 hours.