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543 Prospect Ave.
Hartford, CT 06105
  • Phone:
    860-232-3918
  • Fax:
    860-232-8833
  • E-mail address: cberry@fordberryonline.com
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  • Ford Berry Associates,LLC
  • 543 Prospect Ave., Hartford, CT 06105
  • 860-232-3918 | cberry@fordberryonline.com

Disability Income Insurance

How Much Do You Need?

According to the LIFE Foundation, one in seven workers will suffer a disability lasting five years or more before retirement.

If you were to become disabled due to an illness or injury, how would your cash flow be affected? Would you have enough income to meet monthly expenses? This calculator can help you estimate your need for income protection in the event you become disabled.

According to CNNMoney, nine out of 10 disabilities are caused by common illnesses and health conditions such as back problems rather than by injuries.

 

Based on the information you provided, the amount of income shortfall you might experience during a long-term disability is shown below.

Your Results

Your current monthly expenses: $0
Additional monthly expenses if you were disabled: $0
Your estimated total monthly expenses: $0
Your estimated monthly income during an extended disability: $0
Monthly funds available from other/retirement assets: $0
Your estimated additional monthly income needed: $0
The percentage of estimated total monthly expenses that you would need to replace in the event of a long-term disability: 0%

Long-term disability (LTD) benefits are taxable when the employer pays the premiums, reducing an already limited benefit. In addition, employer provided LTD, even if employee paid, may not be portable. Disability income insurance coverage is generally limited to 60 percent to 70 percent of salary and typically has a monthly cap. Income may not be fully covered due to the cap. Bonuses are not counted as covered income by most LTD policies.

Income may be available from the following sources, but only for a limited time:

  • Accumulated sick-pay benefits.
  • Salary continuation benefits.
  • Short-term disability benefits (typically one year or less, limited amount).

This chart shows the percentage of your monthly expenses that you may need to replace in the event of a long-term disability. A disability income insurance policy is one tool you may want to consider to help you address this potential shortfall. Social Security pays disability benefits, but you must be considered totally disabled, and it can be difficult to qualify for benefits.

Total Monthly Expenses

 

This hypothetical example is used for illustrative purposes only. Actual results will vary.

The information in this calculator is not intended as tax or legal advice, and it may not be relied on for the purpose of avoiding any federal tax penalties. You are encouraged to seek tax or legal advice from an independent professional advisor. The content is derived from sources believed to be accurate. Neither the information presented nor any opinion expressed constitutes a solicitation for the purchase or sale of any security.

This material was written and prepared by Emerald Connect, LLC.
© 2019 Emerald Connect, LLC. All Rights Reserved.

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Contact Us

543 Prospect Ave.
Hartford, CT 06105
  • Phone:
    860-232-3918
  • Fax:
    860-232-8833
  • E-mail address: cberry@fordberryonline.com

Market Watch

Last Closing Prices

Ticker Name Percent Difference (when noted with %) otherwise Last Price Difference (where applicable)
Dow Jones Industrials 26,031.81 +0.70%
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Investment adviser representative and registered representative of, and securities and investment advisory services offered through Voya Financial Advisors, Inc. (member SIPC)

Federal and state insurance and securities rules and regulations prohibit registered representative(s) and/or investment adviser representative(s) from soliciting, offering and selling any insurance or securities products or providing investment advice until they are properly registered and licensed in each state jurisdiction.

The registered representative(s) and/or investment adviser representative(s) listed on this website are licensed and registered in the following states:

We are licensed to sell Insurance Products in CT,FL,GA,MA,MD,NC,NJ,NY,PA.

We are registered to sell Securities in AZ,CA,CT,DC,FL,GA,MA,MD,MS,NC,NJ,NY,PA.

Ford Berry Associates, LLC is not a subsidiary of nor controlled by Voya Financial Advisors.

Neither Voya Financial Advisors nor its representatives offer tax or legal advice.

 

Supervisory Office:
Rob Tarlov, 20 Tower Lane, Avon, Ct. 06001
Phone 860-773-6789 Fax 860-676-0565

 

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