If you work in a state with state-mandated disability or paid medical leave benefits (“State Benefits”), you should carefully consider whether to enroll for this coverage. The MetLife Disability Calculator TM is another handy resource you can use to estimate the amount of disability insurance income you would need to help maintain your current standard of living. Consider all these factors to help you come up with an appropriate amount. Household expenses may include mortgage, car payments, groceries, and childcare. To estimate the benefit amount you would need if you became disabled, ask yourself how much monthly income would cover your living expenses. Benefits differ from company to company, so speak with your benefits administrator for your workplace’s complete plan details.ĭisability coverage that replaces at least 60 percent of your after-tax income is generally recommended. Keep in mind that many policies and plans have exclusions and limitations and may not fully cover certain disabilities and pre-existing conditions. Other policies and plans may include a rehabilitation provision that requires you to take part in a vocational rehabilitation program in order to continue to receive benefits. There are some policies that will pay you a portion of your total disability monthly benefit amount if you have lost a part of your income due to a disability.
Other policies require that you not be gainfully employed while you’re collecting benefits or that you are unable to earn a certain percentage of your predisability income because of injury or sickness. Some policies consider you disabled when you’re unable to perform your job duties, while others pay only if you’re unable to perform in any job suitable for you based on your training, education, and experience. The definition of disability will vary depending on your employer’s plan.
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