I received a call from a close friend who asked me to review his employer-sponsored disability program with him. In review of his firm’s group plan, we found that the benefit was 60 percent of income to a monthly maximum of $3,000 per month. This plan would cover an individual making $60,000 a year or less for a full 60 percent of their monthly income. However, my friend is an associate partner in a law firm making well over $60 thousand per year, and is severely underinsured in case of a catastrophic accident or illness.

Unfortunately, higher-paid working Americans often assume that either their employer’s group disability plan or Social Security will pay an adequate benefit should a disability occur. Over time, I have dealt with three executives, stricken with career-ending disabilities, who each found out too late that they were underinsured for disability coverage for one or more of the following reasons:

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