장애 보험 101: 소득 보호하기
Why Disability Insurance Matters
Your ability to earn income is likely your biggest financial asset. A 30-year-old earning $60,000 will earn approximately $2.1 million by age 65, not accounting for raises. About 1 in 4 of today's 20-year-olds will experience a disability lasting 90+ days before retirement. Disability insurance protects that income stream by replacing 40-70% of your salary if you can't work due to illness or injury.
Short-Term vs Long-Term Disability
Short-term disability (STD) typically covers the first 3-6 months of a disability, replacing 60-80% of income. Long-term disability (LTD) kicks in after the short-term coverage ends and can pay benefits for 2, 5, 10 years, or until retirement age. STD is useful for recovery from surgeries or childbirth; LTD is critical for serious illnesses or accidents that could keep you out of work for years.
Key Policy Features to Look For
Look for "own occupation" disability definitions, which pay benefits if you can't work in your specific profession — not just any job. Non-cancelable and guaranteed renewable policies mean the insurer can't raise your premiums or cancel coverage. A cost-of-living adjustment (COLA) rider increases benefits each year to keep pace with inflation. The elimination period (waiting period before benefits begin) is typically 90 days.
Employer vs Individual Coverage
Employer group disability is a great starting point but often has limitations. Group plans typically cover only 50-60% of base salary (not bonuses), benefits may be taxable if your employer pays the premiums, and they may not be portable between jobs. Individual policies are more expensive but offer stronger definitions of disability, tax-free benefits (if you pay premiums yourself), and coverage that follows you between employers.
How Much Coverage Should You Get?
Aim to replace 60-70% of your gross income. Since individual policy benefits are tax-free when you pay premiums, 60% replacement is roughly equivalent to your after-tax take-home pay. Calculate your monthly expenses and subtract other income sources (spousal income, rental income) to determine the gap. Remember that disability benefits don't cover retirement contributions, so factor that into your savings strategy.