Disability insurance is a type of insurance that will provide you with income in the event that you are unable to perform your work and earn money due to a disability. Disability insurance is something everyone should consider, as it is estimated that 25% of employees will miss a protracted period of work due to some type of disability (injury or illness) before they retire.
Once a decision has been made to purchase disability insurance, you need to assess whether the specific insurance policy being considered is sufficient to meet your needs. Likewise, if you already own disability insurance, it is important to understand whether it will provide enough income to meet your basic living expenses.
VisualCalc’s Disability Insurance Calculator helps you determine whether you have sufficient disability insurance to cover your needs if you are not able to work for a period of time. This calculator is intended to address short-term disabilities, defined here as disabilities that last up to five years (60 months).
