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If you think you’re covered against a disability, you may want to think again. Executives across the country are facing a growing issue: a lack of proper long-term disability coverage and the statistics are alarming.


And for most workers, it’s not accidents that land them on disability – it’s conditions like cancer, diabetes, heart issues, or chronic back or neck pain. When a disability occurs, paychecks can cease and bills can begin to pile up. In these situations, a lack of adequate protection can be a devastating blow to many families.


So what can you do to protect against this exposure?


  1. Know where your vulnerabilities lie. You need to know what your current coverage is first, so then you can understand where you may have risk of exposure.
  2. Understand the difference between group and individual coverage. Group insurance provided by your employer is typically worth what you pay for. If you group coverage is free through your employer, any benefits you receive will be fully taxable. Individual policies typically have higher premiums, but offer better benefits because the applicants are individually underwritten. Individual plans can also act as a supplement your employer-sponsored plan.
  3. Talk to a financial professional. A fiduciary financial advisor will be able to review your current coverage and provide you with a clear understanding of its benefits and limitations. If needed, they can help you build a policy that addresses your specific needs.