Your Best Asset is You
Your greatest asset is you and your ability to do your job. As a medical professional, you have devoted a decade or more to education and training and countless dollars with the likelihood of student loans. So the logical first step of your financial plan should be to protect yourself.
Employee Benefits: Disability Insurance
Usually, up to 60% of your income can be insure because of disability insurance.
So what does this mean?
So as you are earning a pay check today, you are getting 100% of your income. However, 60%, if you were to become disabled, would become the maximum that you could receive.
Should You Get Individual Long-Term Disability Insurance In Addition To The Group One?
In my opinion, long-term disability insurance is probably one of the most important but overlooked insurance for young professionals. If you are in your 20s, 30s, or even 40s, what do you think is your biggest financial asset? Money in your bank? Your car? Your house? Many of you may not realize that the most valuable financial asset you currently have is probably the value of your future income. Long-term disability insurance is a great tool to help you protect it.
For more on this topic, be sure to check out Good Financial Reads: Disability and Life Insurance.
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