The Fundamentals of Disablilty Insurance Disability insurance pays benefits when you are unable to earn a living because you are sick or injured. Most disability policies pay you a benefit that replaces a percentage of your earned income when you can’t work.
How Much Disability Income Insurance Should You Have? The amount of individual disability income insurance you should buy depends on three things: how much income you’ll need if you become disabled, how much money you can afford to spend on premiums, and how much insurance you’ll be able to purchase under the insurance company’s guidelines.
Social Security Disability Benefits Like most people, you probably don’t expect to become disabled. However, you are three times more likely to become disabled due to illness or injury than to die during your earning years. (Source: 1985 Commissioner’s Individual Disability Table A.) That’s why it’s important to know what disability benefits you may be entitled to under Social Security.
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