Thursday, February 4, 2010
Is your salary and retirement income protected if you become disabled?
I was talking with a member the other day and he asked if there were other ABE-sponsored disability plans he should consider in addition to his ABE-sponsored Group Long-Term Disability plan. We discussed the fact that the Long-Term Disability plan protects his regular income, but he didn’t have coverage to make sure he had continued contributions towards his retirement income. If you become disabled and have a 401k or similar plan, contributions to those plans may stop when your income stops. Retirement Contribution Disability Insurance helps you meet that need by continuing to provide contributions into your savings for retirement while you are disabled and no longer receiving a salary. Additionally, if you practice in a solo or small firm, you should consider some form of professional overhead insurance protection. The ABE-sponsored Professional Overhead Expense can provide monthly payments to help pay the expenses of running your practice in the event of a disability, including: office rent or mortgage, utilities, payroll taxes, non-attorney employee salaries, and more. This plan may provide that extra layer of protection to enable your practice to keep running even if you are not working due to a disability. Comments on insurance coverage if you become disabled? We would like to hear from you!! Just post a response to my blog.