I don't have any LTD right now but know I should. I'm a 44y/o part time pediatrician and make a bit over $10k/month. Have a small house, big mortgage (SF Bay Area), kids age 7 and 12, and a husband who's currently earning about the same. I know I should have LTD insurance, and knock wood don't have any known health issues that would prevent me from getting it. But I can also come up with excuses not to get it.
For one, both my husband and I are earning below our income potential. If we were both disabled we'd be screwed, but if it was just one of us the other could increase hours or move to a higher paying employer and make more. Obviously that wouldn't be fun for whoever also had to help care for a disabled spouse, but we could avert financial disaster.
For two, if I could no longer practice medicine but could do a desk job I'd probably want to go into some kind of public health or community advocacy work. It'd be a big pay cut but again, it would keep us off the streets and I think I could find that work very satisfying.
Lastly, being in about the lowest-paid medical specialty, I assume that if I really should get own-occupation LTD I don't need to worry about paying for specialty-specific.
Are those just silly excuses, and I ought to start ponying up a couple of grand a year to protect myself and my family? Or is there actually some sound reasoning there and I should sock that money away in retirement or the kids' college?
Thanks!
For one, both my husband and I are earning below our income potential. If we were both disabled we'd be screwed, but if it was just one of us the other could increase hours or move to a higher paying employer and make more. Obviously that wouldn't be fun for whoever also had to help care for a disabled spouse, but we could avert financial disaster.
For two, if I could no longer practice medicine but could do a desk job I'd probably want to go into some kind of public health or community advocacy work. It'd be a big pay cut but again, it would keep us off the streets and I think I could find that work very satisfying.
Lastly, being in about the lowest-paid medical specialty, I assume that if I really should get own-occupation LTD I don't need to worry about paying for specialty-specific.
Are those just silly excuses, and I ought to start ponying up a couple of grand a year to protect myself and my family? Or is there actually some sound reasoning there and I should sock that money away in retirement or the kids' college?
Thanks!
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