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Will My Disability Insurance Be Enough to Replace My Paycheck? Ask these 3 questions.
Will my disability insurance be enough to replace my paycheck? Most people assume the answer is yes. It often isn’t. Many employer disability plans replace around 60-70% of your income. And if you're a higher-income professional or business owner, your actual replacement percentage may be much lower because many employer plans cap the maximum monthly benefit. That's a gap you don’t want to learn about after you’re already unable to work. And many policies don't start paying immediately either. So depending on your coverage, you could be waiting 60, 90, or even 180 days before benefits begin. So the questions you really want to ask are: •When do my benefits actually start? •How much money actually hits my bank account (is my benefit taxable)? •Is that enough to cover my mortgage, groceries, tuition, and everything else my family depends on? Take five minutes this week and pull out your policy. Compare the benefit amount to your monthly expenses. If there's a gap, that's something you can usually address while you're healthy and insurable. It's much harder after a diagnosis. Link in bio if you'd like to learn more. #DisabilityInsurance #IncomeProtection #FinancialPlanning #RetirementPlanning
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