There are a number of different insurance options that can assist you and your family if you become impaired or disabled. Two of the most popular options are long-term disability and long-term care. Both of these are designed to protect your assets and interests in distinctive ways, so knowing the differences between the two is key in determining how each one can be beneficial to meet your needs.
Generally speaking, doctors tend to be proactive when it comes to planning for their financial future and retirement. Unfortunately, one aspect of financial planning that even the most responsible of doctors can overlook is that of purchasing Long-Term Disability Insurance. But what would you do if you were no longer able to feasibly practice law because you had cancer, were confined to a wheelchair, had a stroke or were unable to see? Would you and your family be able to maintain the same quality of life financially? If you’re like most doctors, then the answer is a resounding “no.”
Approximately 37 million Americans are considered disabled; of those 37 million people, more than 50% are still in their working years (age 18-64), according to the Council for Disability Awareness. Unfortunately, many workers never even consider the fact that they could face a temporary or permanent disability, let alone plan for such a situation. What kind of a situation would you be in if you were to become disabled and unable to work?