Estimating disability income insurance needs (points: 7) Computing Monthly Disab

Question

Estimating disability income insurance needs (points: 7) Computing Monthly Disability Needs Madeline wants to estimate her monthly disabilty income extended period of time. Madeline has gathered the following figures, on a current needs in case she is injured or ll and can t work for an , per-month basis. Madeline's gross pay is $3,375 and her take-home pay is $2,500. If Madeline is eligible for Social Security disability, her benefit will be $800. Madeline expects to be disabled for 12 months. As an armed services veteran, Madeline has discovered that she would receive $400 from the government. Her payments would begin immediately. Madeline would receive $200 in company disability benefits. Her payments would begin immediately Madeline would receive $400 from her group disability policy. Her payments would begin immediately Complete the following table for the tenth month of Madeline's disability Madeline's Monthly Disability Benefit Needs pay Social Security benefits Other government program benefits Company disability benefits Group disability policy benefits Total existing disability benefits Estimated disability benefits needed:

Explanation / Answer

Calculation of Madeline's estimated disability benefits needed: (Amt in $)

Gross Pay 3,375 Social Security Benefits 800 Other Government program benefits 400 Company Disability Benefits 200 Group disability policy benefits 400 Total Existing Disability benefits 1,800 Estimated Disability Benefits needed 5,175

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