Disability Insurance Calculator
Calculate how much disability insurance coverage you need to protect your income if you're unable to work due to illness or injury.
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Disability Insurance Need
Disability insurance replaces a portion of your income if you become unable to work.
Monthly Benefit = Monthly Gross Income × Coverage Percentage
Typical coverage:
- Short-term disability (STD): 60-70% of income for 3-6 months
- Long-term disability (LTD): 50-70% of income for years or until retirement
Why 60-70%? Disability benefits are often tax-free (if you pay the premiums), so 60-70% of gross may approximate your take-home pay.
Key facts:
- 1 in 4 workers will become disabled before retirement age
- Average long-term disability lasts 2.5 years
- Social Security disability has a 5-month waiting period and strict qualification requirements
What to look for in a policy:
- Own occupation vs. any occupation definition
- Elimination period (30, 60, or 90 days)
- Benefit period (2 years, 5 years, or to age 65)
- Cost of living adjustment (COLA)