I currently purchase disability insurance through my employer which will replace 60% of my income through age 65 should I become disabled. It costs $3.35/month pre-tax, so the benefits would be taxable should I need to take them. The company that provides these benefits is now offering us the ability to purchase additional coverage to cover up to 100% of our income plus our bonus. I haven't got a quoted cost yet
Is this something Mustachians would recommend purchasing? If so, what's a good price?
Normally I prescribe to the "only insure what you can't afford to lose" theory and since my expenses would be covered by 60% of my income, I would not purchase it. But my income is what is allowing me to be FI in 10 years. If I became disabled permanently, would I even care about reaching FI? Or would the 60% payments in perpetuity make me a sort of FI already?
