Can You Finance A Car If You Only Get Disability How Much Disability Insurance Should I Have?

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How Much Disability Insurance Should I Have?

Before determining how much disability insurance a person SHOULD have, it is important to understand how much coverage a person CAN have. While consumers may believe that benefit levels should be unlimited, the insurance industry is regulated and insurance companies are cautious about how much coverage they offer. After all, if one could take home a higher income while applying for disability, one would have no incentive to return to work when possible.

The amount of disability insurance an individual can purchase depends on income, occupation, and any existing individual and group coverage. Most people can protect up to 60% of their gross income. The higher the income of an individual, the lower the percentage that can be insured. For example, an individual earning $50,000 per year will have no problem getting 60% income protection, while an individual earning $500,000 will only be able to get 40-45% income protection.

Now, knowing that the amount of disability insurance an individual can purchase is limited, we can determine how much coverage an individual should have. While the exact amount of benefit one should have is subjective, there are certain values ​​that should be considered heavily and can create a floor for the minimum amount a person should have. Every consumer must have enough disability insurance to cover all living expenses (rent, mortgage, utilities, etc.), liabilities (car payments, student loans, business debt, etc.), insurance premiums (life, home , automobile, civil liability, etc.). .) and savings (mainly retirement savings).

It’s easy to discount the importance of having sufficient coverage during the buying process; the truth is, disability insurance isn’t cheap. However, you will never hear a person who needed to claim disability benefits say, “Wow, I probably didn’t need this extra $1,000 in monthly benefits.” Most people go to work every day because their standard of living depends on the income they earn. For that reason, it is important to be sure that purchasing this coverage will provide adequate protection.

Whether you are a doctor, teacher, police officer or any other professional, a debilitating injury or illness that prevents you from working and earning an income can be catastrophic. Unless an individual is independently wealthy, it is important to consider having sufficient disability insurance.

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