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How Much?
Dave recommends an amount equal to 60 to 70% of your monthly income as a starting point. This can be reduced based on your progress with eliminating debt and growing your savings, which will decrease the overall cost, as well.
Elimination Period
This is the number of consecutive days that you must be totally disabled before the monthly benefit amount becomes payable. Dave recommends taking the longest elimination period your budget and emergency fund can afford.
Benefit Period
Dave recommends at least a five-year benefit period for disability insurance, but prefers the to-age-65 benefit period if it is within your budget. Because 85% of disabilities are resolved within five years, that is the shortest term that he feels is appropriate.