Who Me? No Way!
The most meaningful lessons in life are often those that we learn the hard way. Take me for example, despite working with a number of disabled clients over the years, I never thought that I would get sick or incur an injury that would have a major impact in my life. That’s not the way life is supposed to go, and this sort of thing only happens to other people. At least that’s what I told myself until I was diagnosed with Hemochromatosis.
Hemochromatosis is a metabolic disorder impacting iron absorption and results in the accumulation of excess iron in the body’s organs. This condition affects over one million Americans. It’s real, it’s common, it’s genetic, and it’s a frightening diagnosis to receive. Thankfully for me and the many others that are afflicted, it can be effectively treated. Left untreated, however, it increases the risk for Diabetes Mellitus, an irregular heartbeat or heart attack, cirrhosis of the liver or liver cancer, gallbladder disease, and a host of other conditions that are terrifying to contemplate. Thankfully, my Hemochromatosis has been effectively treated, and I’m able to continue to work and live my life with only minor interruptions.
As I consider my own fate, and those of many a client that I’ve worked with over the years, I’ve come to realize that almost everyone’s got a “something”. You have a something and I have a something. If you’re one of the lucky few that do not, consider yourself truly blessed. If you’re fortunate like me, life continues mostly as it did before, but of course, not everyone is so lucky.
Imagine what would happen to your life if you were stricken with a something that made it impossible for you to continue to work. What if you were unable to pay your mortgage, fund your children’s educational goals, or your own retirement. I think we’d all agree that this could pose an enormous set of challenges. Despite this, however, it often fails to really hit home until it’s too late.
Disabilities continue to be viewed in the abstract, and disability insurance rarely garners the attention it deserves. Most people simply do not think of disability insurance as an important element in their financial plan in quite the same way they view having a last will and testament or adequate life insurance. During this past tax season, I found that many more clients had made provisions for their premature death by purchasing life insurance than had contemplated protecting their annual income by ensuring that they had adequate disability insurance coverage. Despite the risk of a disability being many times greater than a premature death.
I hope you’ll consider my story, and those of the many clients I’ve worked with over the past thirty years, as a cautionary tale. Check out the statistics attached and let's chat about why you might want to consider taking a warranty on your ability to continue earning a paycheck.
Linked article
Special Thanks to John Male CFP
Jonathan Gassman CPA, CFP, CAP
The Gassman Financial Group
9 East 40th Street
New York, NY 10016
T: 212-221-7067
DISCLAIMER: Any accounting, business, financial or tax advice contained in this communication, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties. The opinions and analyses are subject to change at any time. If desired, The Gassman Financial Group including Gassman & Gassman CPA PC and G&G Planning Concepts Inc., would be pleased to perform the requisite research and provide you with a detailed written analysis. Such an engagement may be the subject of a separate engagement letter that would define the scope and limits of the desired services. This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument.
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