Disability Insurance may be vital
The article linked below tells the story of a dentist who became disabled at the age of 45, just when his dental practice was beginning to truly takeoff. The article also highlights some interesting and enlightening factoids and statistics.
1. Employer provided LTD (long term disability) plans typically cover 60 to 66 percent of a worker's salary. However, privately purchased plans can provide more, even up to 70 percent.
2. Most employer-provided long term disability plans will not allow you to contribute to your pension plan.
3. Forty-three percent of Americans older than forty years of age will, at some point, experience a medical situation that will prevent them from participating in the workforce for three months or longer.
However, the most important point made by this article was this: long term disability plans can vary tremendously and can be very confusing.
Of that I have no doubt. The truth is, insurance companies have no qualms about keeping their plan provisions nebulous because it simply allows them the advantage when it comes to paying out on disability claims...or not paying out on them.
Return to the Social Security Disability SSI Benefits Blog
Disability insurance can be complex and expensive -- and crucial
Disability in the Various States:
New Jersey Disability
North Carolina Disability