We have a very dear friend who is a nationally respected vascular surgeon.  For years, he operated many times a day on some of the most difficult cases one could throw at a doctor.

One awful day, he realized that his hands were not doing exactly what he told them to do.  There was no more serious problem in the life and death world of delicate vascular surgery.

Sadly, he was finished.  No more surgery.  Ever.

In addition to not being able to do what he loved, his major source of income was gone in a flash.

Fortunately for our friend, he was not just smart in the ways of vascular surgery but also in how he managed his finances.  Years earlier, he had purchased disability insurance that now serves as his base income.

We all depend on our paychecks, and we all expect that we will be the ones to decide when it's "enough" and then, hopefully, live off of our savings and smart investments—and maybe Social Security—in our retirement.

But as was the case with our friend and millions of others, things don't always go the way we hope or plan.  Although we feel very bad for our friend, who desperately misses surgery, we are thrilled that he's able to maintain a comfortable standard of living.

Disability 101

Whether you earn $50,000 or $500,000 per year, the question is just as important: If you were unable to work, would you and your family be able to pay the bills for a long period of time?

If you're like most people, the answer is NO!  It is estimated that 40% of Americans could not pay their bills after missing one month's worth of paychecks.  You may think that will never happen to you, but the statistics are pretty sobering.

According to the American Council of Life Insurers, nearly one-third of all Americans will suffer a serious disability sometime between the ages of 35 and 65.  And 43% of Americans over 40 will experience some sort of health emergency that will necessitate that they be out of work for 90 days or more.  That's a long time!

OK - now that we have your attention - what should you do to protect your family in case you become disabled?

The answer is disability insurance, something we recommend for everyone - unless you're one of the very few who could live the rest of your life without a paycheck.  We especially recommend it if you are self-employed or in private practice and would be unable to keep your business going if you became disabled.  Certainly lawyers, physicians, dentists, and small- or medium-sized business owners should have disability policies.

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