Q: Why do I need disability planning? Advances in medical care have increased our life expectancies, but not necessarily our quality of life. Life brings us all kind of surprises, good and bad, and there is a possibility for any of us to become physically or mentally disabled, or even both, for an extended time.
Plan ahead to help protect yourself. I’d like to hear about your experience. How life stories similar to this did affect you and your families?
Relocation of families became very common, grown children move away to pursue careers or are transferred around the country, parents move to warmer climates to enjoy their golden years after retirement and as a result, many parents and children today reside great distances from each other. Even when children reside in the same city as their parents, they may not be able to care for their parents. Married couples assume that their spouses will be there for them but do not consider the consequences if their spouses also become disabled. What happens if no competent spouse is available or no effective planning is in place? Q: How important is disability income insurance? Disability coverage is not only important, but essential. For most people, their ability to create income is their most valuable asset. Without the ability to create income, they could lose everything they have worked to build. • If you have coverage through work, make sure it will be enough, and that you would still be protected if you change jobs or if your employer stops offering the plan. • If you’re a business owner, protect your business, co-owners and employees. LIFE STORY I have a friend that never thought it could happen to her until it strikes her like a bolt from the blue: unwanted, unexpected, unwelcome. Unfortunately, many of us are totally unprepared for the financial hit that disability can bring. My friend enjoyed her life, work and was looking forward to continue success and growth opportunities. Driving home from work on a typical weekday, she was a few blocks away from home when she was suddenly rear-ended. While the accident was not life-threatening, she injured her lower back and experienced significant nerve damage. She was unable to return to work for over nine months. Her husband is self-employed and the reduction in income was a strain on the family. After nine months she was finally able to return to her company, however, in her absence, the company had filled her previous position, and she had to take a position that was a few levels below the one she had been in before the accident in terms of salary and level of responsibility. While she has regained her health, the time she took off because of the accident has affected her career path, and her overall earnings.
Miriam Bertke is a Financial Services representative. She is a part of The Advisor Consulting Group (ACG), a firm designed to provide financial and estate planning assistance to individuals and businesses. She has many years of experience, specializes in strategic and comprehensive financial planning focusing on the areas of tax, retirement and asset protection, helping people gain clarity with their financial goals and objectives. She also works closely with attorneys, CPAs, as well as with other financial advisors, creating financial planning teams. You can also connect with Miriam via email or on LinkedIn: Email: miriam@advcg.com http://linkedin.com/in/miriam-bertke Website: www.advisorconsultinggroup.com
77 THEEDENMAGAZINE.COM e February 2019