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The Importance of Long-Term Disability Insurance for Professionals

posted by TrueNorth Financial Strategies on Wednesday, July 17, 2024

As professionals, our most significant asset is our ability to earn an income. Whether you are a physician, attorney, or business owner, your financial stability and the future of your family's aspirations and dreams are inextricably linked to your income. The unfortunate reality is that sickness or disability can strike at any time, jeopardizing your financial plan and overall security.

At TrueNorth Companies, we understand that every individual seeks security and has aspirations, and we know that it’s difficult to focus on aspirations without having the foundation of security in place. That's why Long-Term Disability (LTD) insurance is an essential component of a robust financial strategy. Here, we delve into three compelling reasons why physicians, attorneys and business owners should consider acquiring high-limit disability coverage.

Physicians

• Protecting High Income Levels:
  Physicians typically earn higher-than-average incomes, which translates to a lifestyle that includes significant financial commitments. Without LTD insurance, a disabling illness or injury could severely impact your ability to maintain your current standard of living.
• Covering Student Loan Debt:
  Many physicians carry substantial student loan debt from medical school. Disability insurance can ensure that you can continue making these payments even if you are unable to work, preventing financial strain or default.
• Securing Long-Term Career Investments:
  The time and financial investment in becoming a physician are immense. LTD insurance protects this investment by providing a safety net, ensuring that your years of hard work and dedication are not lost due to an unforeseen disability.

Attorneys

• Income Continuity:
  Attorneys often have variable incomes based on billable hours and case completion. A disabling condition can halt this income stream, but LTD insurance ensures a steady income, maintaining financial stability during recovery.
• Professional Liability:
  Disability insurance helps mitigate the risk of financial ruin due to professional liability issues that may arise if an attorney is suddenly unable to work and manage their cases effectively.
• Maintaining Client Relationships:
  Disability coverage can help fund the continuation of practice management, preserving your client relationships and the overall health of your firm during your absence.

Business Owners

• Business Continuity:
  For business owners, the success of the business often hinges on their active participation. LTD insurance can provide the necessary funds to keep the business running smoothly in the event of your disability.
• Employee Retention:
  A sudden absence can disrupt business operations and affect employee morale. LTD insurance ensures that you can continue to meet payroll and other critical expenses, retaining your valuable workforce.
• Personal Financial Security:
  Many business owners reinvest a significant portion of their earnings back into their business. LTD insurance protects your personal finances, ensuring that your family's financial needs are met even if you are unable to work.

Why Choose TrueNorth Companies?

At TrueNorth, we represent all insurance companies, which allows us to shop and negotiate the best rates for our clients. This contrasts with the approach of insurance agents who represent only one company, potentially limiting your options and increasing costs. Our comprehensive approach ensures that you receive the most suitable coverage at the best possible price.

Investing in Long Term Disability insurance is a critical step in safeguarding your financial future and that of your family. By partnering with TrueNorth Companies, you can rest assured that your coverage is tailored to your unique needs, providing the security necessary to pursue your aspirations with confidence.

Contact us today to learn more about how we can help protect your future with comprehensive Long Term Disability insurance coverage.

(Securities offered through Lion Street Financial, LLC (LSF), Member FINRA & SIPC Investment Advisory Services offered through Lion Street Advisors, LLC. LSF is not affiliated with TrueNorth Companies, L. C.) Tax and Legal services are not offered by Lion Street Financial, LLC., or Lion Street Advisers, LLC.