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What you spend on disability insurance should depend on a combination of you financial needs and you personal budget. A disability policy is designed to replace lost income, so of course, the future of your health must be considered.
There is no easy way to calculate your specific need since everyone's budget is different and unforeseen changes always seem to occur. It is always best to consider each person's situation individually, instead of making a general recommendation.
An experienced full-time broker or financial planner is positively the best resource to help you determine the correct type of policy to purchase and from what carrier. The broker will shop all of the top-rated companies for you and review the specifics of the best options.
A disability experience can ruin a person’s financial condition in a very short period of time. Most Americans will experience a disability in their working life. That period of disability averages 30 months. Moat Americans have 90 days of cash reserves. If you’re a midlife nonsmoker with good health you may pay 5-8% of your compensation for disability insurance.
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There is no easy way to calculate your specific need since everyone's budget is different and unforeseen changes always seem to occur. It is always best to consider each person's situation individually, instead of making a general recommendation.
An experienced full-time broker or financial planner is positively the best resource to help you determine the correct type of policy to purchase and from what carrier. The broker will shop all of the top-rated companies for you and review the specifics of the best options.