Disability Insurance Cost

• 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.

• Premiums are lower for policies with a longer waiting period before benefits begin and/or a shorter benefit period.

• 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.

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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