How much disability insurance should I have?

To determine the right amount of disability insurance, consider the income needed to maintain your current lifestyle if you're unable to work. Start by calculating your monthly fixed living expenses, including necessities like food, housing, transportation, utilities, and other essential costs. Then, subtract any other income you might receive during a disability, such as returns from investments, rental income, or existing disability insurance benefits. The shortfall between your expenses and this additional income represents the coverage you need. Remember, disability insurance typically replaces only a portion of your pre-disability income.

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