6. Determine the level of need for disability insurance. Alex accepted a new job as an...
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6. Determine the level of need for disability insurance. Alex accepted a new job as an engineer making an after-tax income of $60,000 a year. While looking over his employee benefits materials, he discovered that employer provides a $2,000-per-month, short-term, one-year total disability policy. When he talked with the human resources office, Alex found that he might qualify for $1,100 per month in Social Security disability benefits if he became unable to work. a) Alex wanted to cover 75% of his after-tax income if he became unable to work. What is the level of Alex's short-term, one-year disability insurance needs? (5 pts) b) What is the level of Alex's long-term disability insurance needs? (5pts) 6. Determine the level of need for disability insurance. Alex accepted a new job as an engineer making an after-tax income of $60,000 a year. While looking over his employee benefits materials, he discovered that employer provides a $2,000-per-month, short-term, one-year total disability policy. When he talked with the human resources office, Alex found that he might qualify for $1,100 per month in Social Security disability benefits if he became unable to work. a) Alex wanted to cover 75% of his after-tax income if he became unable to work. What is the level of Alex's short-term, one-year disability insurance needs? (5 pts) b) What is the level of Alex's long-term disability insurance needs? (5pts)
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