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Disability Income Planning

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Disability Income Planning in the Tri-state Area Request a Disability Quote Now

Understanding Disability Income Protection and Its Importance Disability Income Protection ensures that your income is replaced in the event of sickness or disability preventing you from working. While we often insure our homes and automobiles, we overlook safeguarding our most valuable asset: income.

  • Statistics show that 1 in 4 individuals will become disabled before retirement.
  • Currently, 2.5 million people in the US are between their 20s and 40s receiving Social Security Disability Benefits.
  • On average, long-term disability claims have a duration of 34.6 months.
  • Disability is the leading cause of bankruptcy in the United States.
  • Approximately 82% of Americans do not have sufficient funds to cover their expenses for six months.

Protection for Individual Income

As a busy resident or fellow, you may not prioritize disability income insurance. Learn more and secure protection today!

Is Employer Coverage Adequate?

While employer-provided disability income coverage is beneficial, there are important factors to consider:

  • Is the coverage sufficient? Most workplace plans have a cap that may not cover all your expenses.
  • If you lose your job, you lose the coverage provided by your employer.
  • The income received through work is subject to taxation based on your employer's contribution.

Why High Earners Should Consider Disability Income Protection

The higher your income, the more you have at stake. Consider the following:

  • You should cover at least 65% of your income to ensure adequate protection. Group coverage offered by your firm may have limitations, and higher incomes receive lower income protection. This unintentionally discriminates against highly compensated individuals who often derive significant revenue for the business.

What if Your Business Partner Becomes Disabled?

  • It's a common situation where your partner expects their income to continue despite reduced revenue in your absence.
  • How long can you financially support them? Consider the implications if their disability is permanent.

Protecting Yourself and Your Family with a Successful Practice

Professionals like you have unique needs that extend beyond income protection:

  • What happens to your office, rent, and staff salaries? During your disability, you risk losing staff to competitors, which could lead to losing patients or clients. We can help you cover your office overhead expenses and hire a professional practitioner (up to $20,000 per month!) to care for your patients while you cannot work. If you can't return, you can depart without losing your life's work.

Safeguarding Your Retirement Plan in the Event of Disability

Many overlook the impact of long-term disability on retirement plans.

  • Did you know that if you are disabled, your company cannot contribute to your retirement plan by law? We can guide you on addressing this issue to ensure your retirement savings aren't compromised.

We offer straightforward solutions. Let's start a conversation to determine the best way to protect yourself, your business, and your income against potential loss. Contact us today to learn more about disability income protection.

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