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CostHelper > Personal Finance  > Insurance > Disability Insurance

Disability Insurance Cost


How Much Does Disability Insurance Cost?

 
 average costRange: 1-3% of salary 
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  Typical costs:
  • Expect to pay between 1 percent and 3 percent of your annual salary for a good disability plan, according to DisabilityQuotes.com[1] . That works out to $600-$1,800 for someone earning $60,000 a year.
  • Disability insurance provides income to help pay your living expenses if you are unable to work for a significant length of time because of injury or illness. Generally benefit payments are 60 percent of your total salary.
  • Short-term disability polices have a waiting period of 0-14 days and pay benefits for no more than two years. Long-term disability policies usually have a waiting period of several weeks to several months and benefits could be paid a few years up to the rest of your life, depending on the policy terms.
  • States such as Hawaii, New Jersey, New York and Rhode Island requires employers to provide disability benefits for up to 26 weeks, according to the Insurance Information Institute[2] . Some employers provide short-term disability insurance, although often the employees have to pay the premiums.
Discounts:
  • Premiums are lower for policies with a longer waiting period before benefits begin and/or a shorter benefit period.
Shopping for disability insurance:
  • The Federal Citizen Information Center[3] gives a detailed overview of long term disability insurance, listing common terms and tips for buying.
  • Insurance4USA.com[4] provides online quotes.
  • Your state insurance department can give you a list of registered disability insurance companies in your area. The National Association of Insurance Commissioners gives links to these state offices[5] and has a database to search for financial details and complaint histories for specific companies.
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External Resources:
  1.  www.disabilityquotes.com/disability-insurance/disability-insurance-cost.cfm
  2.  www.iii.org/individuals/disability/employer/
  3.  publications.usa.gov/USAPubs.php?PubID=6042
  4.  www.insurance4usa.com/disability.cfm
  5.  www.naic.org/state_web_map.htm
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