Disability Insurance Income Worksheet

Your Most Valuable Asset Is Income

	(You may wish to print this and work with it offline.) If you are like most people, everything you have or hope to have for yourself and your family requires that you continue to earn an income. Income is the foundation that supports your expenses, your lifestyle and your future plans. If income is interrupted because of an accident or sickness, it may be difficult or impossible to provide basic family needs. Short range commitments and long-term plans may have to be delayed or even cancelled...And additional expenses are incurred because you have become an income consumer instead of an income producer. Unfortunately the chance of a disabling accident or sickness interrupting your ability to continue earning an income is a distinct possibility. Consider the chance of disability. Out of 1,000 people, the number who may be disabled for at least 90 days before age 65 is:

	At Age 25 30 35 40 45 50 55	Number Disabled 403 385 365 340 305 262 205	Probability of Disability 2 out of 5 3 out of 8 3 out of 8 1 out of 3 3 out of 10 1 out of 4 1 out of 5

^{*Source:1985 Commissioner's Individual Disability Table A.}

	In Addition, look at the average length of disability for those who are disabled for 90 days or longer.

	At Age 25 30 35 40 45 50 55	Length 2.4 years 3.0 years 3.5 years 3.9 years 4.3 years 4.6 years 5.0 years

^{*Source:1985 Commissioner's Individual Disability Table A.}


Your Insurance Planning
	Who Would Think About Being Without Homeowner's Or Car Insurance?
	How much is your home worth?	$___________________________
	Amount you pay to protect your home	$___________________________
	How much is(are) your car(s) worth?	$___________________________
	Amount you pay to protect your car(s)	$___________________________
	How much is your earning ability worth?	$___________________________
	Amount you pay to protect your income	$___________________________
	Statistically Speaking, Is Your Insurance Planning Backward? 1 home in 133 will catch fire.² 1 in 90 drivers will be injured in an auto accident.³ 1 person in 8 will become disabled.¹ As you can see, you spend a lot of money each year protecting the assets you worked so hard to obtain. But have you been overlooking protection for the asset that allows you to possess all of the rest? Your income!

1. 1985 Commissioner's Individual Disability Table A.
2. National Fire Protection Association's Fire Journal September 1986.
3. 1985 Addition of the National Safety Council's "Accident Facts".
4. Social Security Administration - Office of Operational Policy and Procedures. Office of Disability Program (4/82).


Let's Look At What You Could Lose...

	There Is A Fortune In Your Future Based on a person's current monthly income these are the possible earnings to age 65:

	AGE 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55	$2,000 960,000 936,000 912,000 888,000 864,000 840,000 816,000 792,000 768,000 744,000 720,000 696,000 672,000 648,000 624,000 600,000 576,000 552,000 528,000 504,000 480,000 456,000 432,000 408,000 384,000 360,000 336,000 312,000 288,000 264,000 240,000	$4,000 1,920,000 1,872,000 1,824,000 1,776,000 1,728,000 1,680,000 1,632,000 1,584,000 1,536,000 1,488,000 1,440,000 1,392,000 1,344,000 1,296,000 1,248,000 1,200,000 1,152,000 1,104,000 1,056,000 1,008,000 960,000 912,000 864,000 816,000 768,000 720,000 672,000 624,000 576,000 528,000 480,000	$6,000 2,880,000 2,808,000 2,736,000 2,664,000 2,592,000 2,520,000 2,448,000 2,376,000 2,304,000 2,232,000 2,160,000 2,088,000 2,016,000 1,944,000 1,872,000 1,800,000 1,728,000 1,656,000 1,584,000 1,512,000 1,440,000 1,368,000 1,296,000 1,224,000 1,152,000 1,080,000 1,008,000 936,000 864,000 792,000 720,000	$8,000 3,840,000 3,744,000 3,648,000 3,552,000 3,456,000 3,360,000 3,264,000 3,168,000 3,072,000 2,976,000 2,880,000 2,784,000 2,688,000 2,592,000 2,496,000 2,400,000 2,304,000 2,208,000 2,112,000 2,016,000 1,920,000 1,824,000 1,728,000 1,632,000 1,536,000 1,440,000 1,344,000 1,248,000 1,152,000 1,056,000 960,000	$10,000 4,800,000 4,680,000 4,560,000 4,440,000 4,320,000 4,200,000 4,080,000 3,960,000 3,840,000 3,720,000 3,600,000 3,480,000 3,360,000 3,240,000 3,120,000 3,000,000 2,880,000 2,760,000 2,640,000 2,520,000 2,400,000 2,280,000 2,160,000 2,040,000 1,920,000 1,800,000 1,680,000 1,560,000 1,440,000 1,320,000 1,200,000


Let's See What You Need...

	Monthly Income Required Let's look at your obligations which will continue even if you are disabled and are unable to work:
	a) Mortgage/Rent	$___________________________
	b) Utilities	$___________________________
	c) Auto Payment	$___________________________
	d) Auto and Homeowner's Insurance	$___________________________
	e) Life and Medical Insurance	$___________________________
	f) Groceries	$___________________________
	g) Medical/Dental Expenses	$___________________________
	h) Other Fixed Expenses such as credit card payments, school loans, etc.	$___________________________
	i) Savings	$___________________________
	Total	$___________________________

If you become disabled, how long can you maintain your current lifestyle when your regular expenses increase and your earnings decrease or stop?
The next 2 months	$________________	(Monthly Total x 2)
The next 3 months	$________________	(Monthly Total x 3)
The next 6 months	$________________	(Monthly Total x 6)
The next 12 months	$________________	(Monthly Total x 12)


Available Source Of Income Available To You

	Savings Is this what you started saving for? You save $_________ each year. A disability lasting ______ months would destroy ______ years of savings! Assets Such as Home, Car, Furniture Is there a ready market? Could you dispose of them at a fair price? Will the income produced from the sale be sufficient for your needs? Loans Would you loan money to someone not working and without an income? Relatives How long can relatives help you when they have their own expenses? Government Programs Would you qualify for Social Security disability benefits? 69% of all disability claims are initially rejected by Social Security.⁴ Even if you did qualify, would those benefits be enough? A New York Life agent— professionally trained and experienced— can help you analyze your needs and recommend appropriate solutions —at no charge to you. *Products available through one or more carriers not affiliated with New York Life; dependent on carrier authorization and product availability in your state or locality. 271399CV

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