A disability insurance calculator helps individuals estimate the potential costs of covering their monthly expenses in the event of a disability that prevents them from working. By inputting values such as current monthly expenses, expected disability-related expenses, the length of the disability, current coverage amounts, and expected inflation rates, the calculator provides an estimated total cost of disability insurance needed to maintain financial stability during the period of disability.
This can be useful for planning and evaluating whether one's current coverage is sufficient or if additional policies are necessary to ensure adequate protection in the future.
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