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. It is insurance for your most important asset–your paycheck!
Disability facts
- Over one in four workers in their twenties will become disabled before reaching 65.
- The average monthly payment is around $1,234.
- Approximately 90% of all disabilities are a result of an illness.
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
Disability Worksheet
| Monthly housing (mortgage, rent, insurance, taxes) | $ |
| Utilities (telephone, electricity, gas, oil, cable, TV, internet) | $ |
| Food | $ |
| 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.
Contact Mountain Insurance: Longmont today for a free Disability Insurance evaluation!