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| *Loan,banking and credit>>>disability insurance |
How much monthly benefit do you need when applying for a disability income insurance? |
I was told as an example, if I gross $6000. Take 80% of that and subtract $2100 to get $2700. The $2100 is the monthly disability benefits I would get from my state (NJ). True? In most cases, the aggregate amount cannot exceed 60%, so if you take 60% of your gross, that would be $3600. Then subtract the $2100 monthly benefit, I estimate that you should be looking for an additional $1500. This, of course, depends on the insurance carrier's rules. If you can find one that will allow you to got to 80%, then go for it, but ask the right questions when you are applying. If there is a claim, and they later determine that you are "over-insured", they will pay you to their limit, and refund to you the difference in the premium. Most disability plans will only insure 60-70% of you income although there may be state variations. I am not familiar with NJ laws. I would think you should be able to get $3600 if your income is $6000. |
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