Planning for future retirement is a top priority for most medical professionals, but it is hard to plan ahead when there are plenty of other financial concerns and distractions. New research from Northwestern Mutual, a financial services company in Milwaukee, reveals that managing present financial risks and debt conflicts with retirement-planning goals. The “2020 Medical Professionals: Financial Planning Priorities Study” surveyed 43 Northwestern Mutual financial advisers who consult with physicians and dentists about personal wealth and risk management. The advisers participated in an online survey in March. The survey data shows that retirement planning is the top financial concern among...
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What is covered and why you should consider it. The principle of long-term disability insurance is simple enough–you pay premiums and if you become disabled and are no longer able to work, you get regular payments to make up some of the lost income. As with life insurance, it’s often a smart way to make sure you and your family (or financial dependents) are protected if the worst happens. A variety of payment options are available. You do need to pay attention to the details with long-term disability insurance, however, as policies have several key options. For example, you’ll need to check how long you have to be disabled before any payout starts, and for how long the payments...
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Adding the combination of term life insurance and disability income insurance to a financial plan means you’ve set up an important base of protection. If something happens to you while your insurance is in place, your family is protected. That’s great, because now you have one less thing to worry about, which frees you up to plan for all the things in life that will go right. WHY THIS IS GOOD FOR YOUR FINANCIAL PLAN Financial planning is about setting goals and then creating a budget that helps you reach them over time. In practice, that means you’re setting aside money from every paycheck to fund goals like retirement or your kids’ education, all while being able to pay the mortgage...
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Today, eighteen years ago, the owners of the World Trade Centre’s twin towers could never have imagined the simultaneous destruction of both towers. In fact, they believed the probability to be so far-fetched that they only ever insured one of the towers. In a similar fashion, most of us cannot imagine a freak accident causing a permanent disability – and from a risk perspective our instincts would be right. It’s not the freak accidents we need to be fearful of, but the less ghoulish risks such as heart disease, diabetes, bone fractures, arthritis, back pain and joint disorders that place us at risk of being temporarily or permanently incapacitated. Recent research has revealed that...
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Disability Insurance What is disability income insurance? Disability income insurance is insurance that pays benefits when you are unable to earn a living because you are sick or injured. Like all insurance, disability income insurance is designed to protect you against financial disaster. Most disability policies pay you a benefit that replaces part of your earned income (usually 50 percent to 70 percent) when you can’t work. In general, disability insurance can be split into two types: private insurance (individual or group policies purchased from an insurance company) and government insurance (social insurance provided through state or federal governments). Private disability...
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Short-Term Disability Insurance Bills and everyday needs don’t stop because someone can’t work. An accident or illness can endanger an individual’s most important asset: the ability to earn a living. Our Short-Term Disability (STD) plans pay benefits when sickness or injury prevents you from working full time. We offer STD programs tailored to meet the needs and cost expectations of both employers and employees. Employer-Sponsored Group Plans & Voluntary Group Plans Evidence of Insurability not required on most plans Coverage for disabilities caused by accidents, illnesses and pregnancy Benefits paid for Total or Partial Disability Seamless claim transition from STD to...
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What is the application process for physician long-term disability insurance? Protecting your lifestyle starts with protecting your income. Disability insurance provides a solid foundation for your financial future by providing you income when you’re unable to work due to an illness or injury. When most people hear the word “disability,” they immediately think of accidents. But the reality is that 90 percent of disabilities are actually caused by illnesses. Disability insurance is more complex than other types of insurance. We recommend requesting quotes from an independent broker, who will be able to shop the top insurance carriers for you and provide an unbiased analysis. Underwriting is...
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Will I Lose My Long Term Disability Benefits If My Job Is Terminated? Most people receive disability coverage through their employment. Those with disability coverage may be eligible to receive monthly benefits if they are too sick or hurt to work. These benefits are generally paid by insurance companies. These include, but are not limited to: Typically, long-term disability (“LTD”) benefits can be paid through age 65 or 67. However, this does not mean that you will keep your employment throughout your disability. Indeed, we inform our clients receiving LTD benefits that their employment is likely to be terminated at some point. It is natural to wonder if a termination of...
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Mental health is just as important as physical health, and now there could be help for those at the forefront of the fight against COVID-19. Essential workers facing increased stress and anxiety on the frontlines may qualify for disability health insurance that can cover their mental health. “There is no doubt essential workers are facing increased hardship as this pandemic may trigger a pre-existing condition such as anxiety or depression, and when you add in reduced access to medical services, this has the potential to be devastating for many of these workers,” says Nainesh Kotak, founder of Kotak Personal Injury Law. Margaret Eaton, the CEO of the Canadian Mental Health Association (...
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In the midst of coronavirus: Buy disability insurance As COVID-19 continues to spread throughout the country and leave lasting impacts on our economy, many of us are trying our best to cope with the changes. While this can take a huge toll on our mental health and leave us unsure of our next move, there’s one thing we need to do in the midst of the chaos: Buy long-term disability insurance. Here are six things you need to know about disability insurance during this COVID-19 crisis: 1. Disability insurance helps to protect your income. The purpose of long-term disability insurance is to protect your income in case you become disabled or unable to work due to a physical or mental illness....
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