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The amount you receive for your disability insurance depends on the benefits that your policy provides. You may receive $500 per month or $4,000 per month (or more). 80% of your income is usually the maximum you can receive.
There also may be an "elimination period," which is essentially a waiting period before benefits are paid.
Your broker or current insurer can explain what benefits you currently have. It's important that the broker be a full-time insurance consultant to obtain the most accurate information.
If you apply for the maximum coverage you should be able to secure 60% of your compensation tax free or 80% of your compensation, but taxable. If you can afford disability coverage for your retirement, you can add your annual contributions in addition to your individual disability policy.
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There also may be an "elimination period," which is essentially a waiting period before benefits are paid.
Your broker or current insurer can explain what benefits you currently have. It's important that the broker be a full-time insurance consultant to obtain the most accurate information.