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FINANCEwork in a different capacity. Individual disability insurance can provide a safety net by covering lost income specifically tied to your occupation.3. Employer-Sponsored Coverage Limitations - While many medical institutions offer group disability insurance, these policies often have limitations, such as: Insufficient coverage amounts, typically replacing only a portion of your income. Taxable benefits if the employer pays the premiums. Non-portability, meaning you lose coverage if you change jobs. Individual disability policies, in contrast, are portable, customizable, and provide taxfree benefits if premiums are paid with after-tax dollars.The Benefits of Working with a Financial AdvisorNavigating the complexities of disability insurance can be overwhelming, especially for busy medical professionals. A financial advisor can simplify the process and provide tailored guidance. Here is ho1. Comprehensive Needs Assessment Financial advisors evaluate your income, expenses, debts, and long-term financial goals to determine the appropriate level of disability coverage. This ensures that your policy aligns with your unique circumstances and career stage.2. Policy Customization Individual disability policies over various riders and features, such as: Own-occupation coverage: Ensures benefits if you cannot work in your specific medical specialty, even if you can perform other jobs.Residual or partial disability benefits: Provides partial payments if you can only work part-time due to a disability. Cost-of-living adjustments (COLA): Protects against inflation by increasing benefits over time.A financial advisor can help you choose the right options based on your needs.1. By comparison shopping. Financial advisors have access to multiple insurance providers and can compare policies to find the best value. They ensure you%u2019re not overpaying for unnecessary features or under-insured in critical areas.2. Long-Term Planning Disability insurance is just one piece of a comprehensive financial plan. An advisor can integrate your coverage with other strategies, such as retirement planning, investment management, and FINANCEDIFFERENTIATEMAG.COM QUARTER 1 | 2025 %u2022 D I F F E R E N T I AT E M AG A Z I N E 7