Checklist #36 · Insurance
Disability Insurance Evaluation
Assess your income protection coverage, identify dangerous gaps, and ensure your most valuable asset — your ability to earn — is adequately protected.
14 action items~15 min to complete3 sections
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Assess Current Coverage
0/7 completed
Determine if your employer provides short-term disability (STD) and long-term disability (LTD)Key
Identify the benefit amount: what percentage of salary is covered?Action
Check the elimination period (waiting period before benefits begin)Watch out
Verify whether the benefit period is 2 years, 5 years, or to age 65Key
Determine if the employer plan is portable — can you take it with you if you leave?Watch out
Review Employer Plan IntegrationKey
Assess Partial or Residual Disability BenefitsKey
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Policy Definitions Matter
0/5 completed
Confirm the definition of disability in your policy: 'own occupation' vs. 'any occupation'Key
Check if benefits are taxable or tax-freeAction
Understand whether benefits are reduced by Social Security disability incomeWatch out
Compare Own-Occupation Coverage DetailsWatch out
Review Mental Health & Behavioral Condition LimitsWatch out
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Calculate Your Gap & Get Covered',
0/9 completed
Calculate your monthly income gap: net income × 60% (typical coverage) vs. actual expensesKey
Consider an individual disability policy to supplement employer coverageAction
Get quotes from multiple insurers (Guardian, Principal, MassMutual, Northwestern Mutual)Action
Add a cost-of-living adjustment (COLA) rider to keep pace with inflation over a long claim
Add a future purchase option (FPO) rider to increase coverage as income grows
Apply while healthy — DI underwriting is stricter than life insuranceWatch out
Model Long-Term Claim ScenariosAction
Evaluate Waiver of Premium RiderKey
Lock in Coverage Before Major Life ChangesWatch out