It’s the old adage “better to have it and not need it, than to need it and not have it”. I’m specifically talking about disability insurance. “It’s never going to happen to me” attitude won’t cut it – as unpleasant as it is to think about it, something could happen and affect your life significantly.
I’m not advocating for any particular insurance company but I am suggesting a proactive approach to cover the unexpected. If you weren’t able to work can you maintain the same lifestyle, does your home fit into your budget, do you have student loans that are going to absorb assets – a change in income affects everything.
I recommend speaking to a financial planner or trust advisor, making sure you are on the right track to cover your needs and the needs of your family, and disability insurance may be one thing you cannot afford to be without.
An example; you are in your mid 30’s and have a thriving practice as a surgeon and you sustain an injury which prevents you from being able to do the job that you have been doing for the past 5 years. You have been fortunate enough to amass a very nice figure between investments and retirement, but you can no longer earn that same income or continue to add to savings. How would this example affect you? Will your savings and retirement sustain your living expenses for the remainder of your life, if there is an elimination period are you covered, will social security supplement what is needed? How long will your disability last with your employer or through the health benefits of your own practice?
Be diligent, research your options and be in control of your future.