Group Long-Term Disability (LTD) Insurance: Many corporations provide group long-term disability insurance to their middle- and upper-level executives, but in many cases these employer-provided benefits do not replace enough income for executives during prolonged illness or injury to maintain their standard of living. What’s more, long-term disability insurance does not always cover bonus income or retirement contributions and has a cap on monthly benefits. Highly paid personnel may only receive 30 percent to 50 percent of earnings if disabled.
Social Security: Qualifying for Social Security benefits may be difficult. The amount of benefit received depends upon several variables including age, income and contribution status.
Savings Withdrawals: Withdrawing money from your savings account is one way to pay for monthly expenses; however, a disability spanning 90 days or more could rapidly decrease savings and increase stress.
Borrow: You could borrow money from a family member. How much is the individual willing to loan? How long can you continue to borrow?
