How Much Does Disability Insurance Cost?
- 145 POINTSview profileOmar SangurimaIt truly depends on a few factors. First, the general health of the applicant affects the rating received. Also, the type of work the applicant does also has bearing on what type of coverage can be offered at separate price points. Third, the lenth of time that benefits would be guaranteed comes into play, along with how much of a benefit per month is being sought. Now, different companies weigh all these factors in different ways (according to what their in-house actuaries conjure up as risk/reward decision points), and as such there could very well be a "band" of prices offered by different companies for the same person and same set of factors.Answered on May 21, 2013flag this answer
61667 POINTSview profileSteve SavantSyndicated Financial Columnist, Host of the weekly talk show Steve Savant's Money, the Name of the Game, Scottsdale ArizonaDisability insurance costs are based on your annual compensation you want to cover. It is also determined by your gender, age, smoking status, health history and your current medical condition. Other personal items that factor in the premium you'll pay is vocational hazards, recreational activities and motor vehicle violations. You may pay between 3 and 5% of your covered annual compensation.Answered on September 14, 2013flag this answer.JPG)
63333 POINTSview profilePeggy MaceMost of the U.S.Some financial planners recommend spending no more than 1-3% of your income on Disability Insurance. The cost of Disability Insurance does depend on your age and health, though, and those who are older or have signs of worsening health may have a legitimate need to spend more than the recommended amount.Answered on July 23, 2014flag this answer
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