Three Reasons to Protect Your Income

Long Term Disability

Your income is the foundation of a solid financial plan. What would you and your family do without your paycheck?

Most of us don’t think about how we will pay the bills if we become disabled and can no longer work. But for most of us, our incomes make our lifestyles possible. How long could you cover your expenses without a paycheck?   Long Term Disability insurance (LTD)—also called Income Protection—can help.

Think it can’t happen to you?

Here are three reasons to protect your income:

  1. One in four of today’s 20-year-olds will become disabled during their careers. Of those just starting out, 25% can expect to be out of work for at least a year due to a disabling condition before they reach retirement.Contrary to popular belief, most disabilities are not the result of tragic accidents. The most common reasons for long term disability are arthritis, back pain, cancer, and injuries such as fractures, sprains, and strains. Mental health issues have become an increasingly common reason for disability, particularly as we deal with the fallout from pandemic.
  2. Many Americans are financially unprepared for a period of disability. A 2019 JP Morgan analysis concluded that most American families would need six weeks of take-home pay to ride out an emergency, but two-thirds lack sufficient savings.2  According to a report from the AARP Public Policy Institute, more than half of American households lacked an emergency savings account, including affluent families and a majority of people over age 50.3 If you do have an emergency fund, is it enough to cover utilities, rent or mortgage payments, childcare or student loan payments?  For a number of months?
  3. Young professionals are at risk. Young professionals often disregard disability insurance because of their age and health. However, disability can happen to anyone, at any age. According to the Council for Disability Awareness, 35% of American young adults find it difficult to cover their expenses every month or live paycheck to paycheck. The cost of a disability insurance policy is far less than the potential financial impact of a disabling illness or injury without a financial safety net.LTD plans tailored to young professionals make coverage quite affordable, especially for those in graduate programs such as medical students and those in residency or fellowships. Special plans are also available for medical, dental, and business professionals, attorneys, and business owners. LTD plans can offer riders that reimburse for student loan payments. This can be particularly valuable for young people who may have significant student loan debt.


How many paychecks could you miss? Check out our Alum LTD program with a 15% discount exclusively for our alumni and their immediate family members.

1Social Security Administration Basic Facts, 2019.

2“Even in Strong Economy, Most Families Don’t Have Enough Emergency Savings,” The New York Times, October 2019:

3 “Unlocking the Potential of Emergency Savings Accounts,” AARP Public Policy Institute, October, 2019:

4 Council for Disability Awareness:

Learn more about Long Term Disability insurance.


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