How Much Disability Income Insurance Should You Have?

Find out how much long term disability income insurance you should have, and how you can find the best disability income insurance quotes (with discounts of up to 40%).

Having disability income insurance can provide you with excellent financial protection in case you are ever injured, extremely ill or otherwise unable to work. This is obviously very beneficial if you have a spouse and children relying on your income for survival. But it is also the most important insurance policy you can ever have as a single man or woman. After all, our biggest asset is our earning potential.

Let’s assume you are 35 year old computer professional making $100,000 a year. If you become disabled and cannot work anymore, you will potentially lose more than $3 million ($100,000 multiplied by 30 years to work). There are a few different types of disability income insurance policies from a wide range of insurance companies, and every individual has different needs regarding how much disability income protection they need. Choosing the right amount of disability income insurance at the best premium is little bit difficult, but we at BeamaLife understand it well. Our highly trained and expert disability specialists will be able to find the best long term disability income insurance quotes for you. Please call (877) 972-3262 now to speak disability insurance specialist now.

When choosing a disability income insurance policy, there are three factors you should consider:

1. Maximum amount of insurance available: normally insurance company will issue a combined total of 70% of your earned income. Ideally, you’ll want to get the biggest policy an insurance company would be willing to issue. Disability income insurance is little not cheap, but your chances of using are very high. Remember, an insurance policy is nothing but statistical calculation of premium income and potential disability claim with little profit margin of insurance company.
2. your fixed expenses that you don’t expect to change for a base figure. Also consider that you may save money on things like clothing, transportation and lunches that were related to working. While these expenses go down, however, other expenses – namely medical expenses – will go up. So, how much will your living expenses go up after becoming disabled? With this exercise you will know what bare minimum amount of long term disability income insurance policy you need.
3. Features of a disability policy: Disability income insurance policy could be tricky as premiums are not cheap. So you want not only total disability, but partial disability as well. Around 92% of disability claims are from the partial disability. Do you want to include simple or compound inflation to your benefit? Obviously, simple inflation will be cheaper than compound inflation. Would you prefer 90 days waiting period or 180 days? No elimination days will be the most expensive, and 1 year elimination will be more reasonable. Most people buy with 90 days waiting period. Would you want your benefit to be up to your age 67 or do you want for 5 or 10 years only? These are the options you must consider.

It is extremely advantageous to have the guidance of an expert, such as the trained and skilled specialists at BeamaLife, who can explain all the disability income insurance options that are available to you. There might already be disability benefits that you are entitled to through your employer, ranging from short-term coverage for a few weeks or months of being out of work to long-term coverage that lasts until retirement. Social Security Administration also provides some minimal protections. You and your insurance specialist will want to discuss all these factors before determining how much disability income insurance coverage you should buy.

Most insurance companies will offer disability income insurance policies that would replace as much as 70 percent of your monthly pretax earnings if you are injured or fall ill. This may be the ideal amount of coverage for your unique needs, or you may have a lower amount in mind. Please call (877) 972-3262 to speak with disability income insurance specialist to compare top insurance companies and find the best and most affordable disability income insurance quotes or complete long term disability income insurance quote request form now.