The ability to earn an income is often a person's most valuable asset. This non-branded presentation provides detail concerning the risks a person faces with an emphasis on disability. It also provides an overview of the limitations of various options available to them including their employer provided group-long term disability. Supplemental Disability Income is shown as a potential solution to help fill the Disability Income Gap. At the end of the discussion, you should have a clear understanding of the risks to your income, as well as what options are available to you.
Like most people, you may have a range of financial obligations you’re responsible for, such as rent or a mortgage, retirement savings and everyday expenses. If you become disabled, you’ll still need to fulfill your commitments and provide for your loved ones. Even if you have group long term disability income insurance through your employer, it may not be enough. Individual disability income (DI) insurance may help protect more of your income if you become too sick or injured to work for an extended period of time.
When you add up your income throughout your career, it will most likely be your single biggest asset. Without it, your ability to support yourself and your loved ones, as well as the future you envision, may be in jeopardy. With so much as stake, it’s important to help protect a portion of your income with DI insurance.
You’ve worked hard to save for retirement, so it’s critical to protect the nest egg you’ve built. Since DI insurance can help you meet your current financial obligations if you become too sick or hurt to work, you may be able to avoid tapping into your retirement savings. You may also be able to purchase a DI policy designed to help you continue saving for retirement if you become too sick or hurt to work. And while they are not a retirement plan, or a substitute for one, some DI policies may help replace an amount equal to the contributions you would have made to your retirement plan if you had not become disabled.
Matthew A. DelPriore, CFP®, MSFS, CFS - Director of Financial Planning, Financial Planner, Investment Adviser Representative
Serving as a Financial Planner, Matthew began his career in the financial services industry in 2005. He graduated cum laude from Baruch College with a Bachelors of Business Administration in Finance. He spent nearly three years as an in house case consultant. During this time, he created and designed personal financial plans for the successful planners within the firm. Understanding the importance of creating and building long lasting relationships, as well as his passion for helping individuals reach their financial goals, is what inspired him to build his own Financial Planning practice.
At Fortis Lux Financial, Matthew’s primary focus is to ensure his clients have a financial game plan for the road ahead. Through the Financial Planning process, he works closely with his clients to carefully understand their personal objectives, goals, and concerns. From there, he will assist them in creating strategies that are specific to his client’s needs.
His areas of primary focus are Financial Planning, Investment Planning, and Retirement Planning. He earned the CERTIFIED FINANCIAL PLANNER™ designation as well as the Certified Fund Specialist® designation. Matthew also holds his series 7, 63, and Life & Health Insurance licenses.
Matthew is an active member of the Financial Planning Association of NY. He also serves as a part of the FPA Pro Bono committee, where he helps spread financial literacy to various individuals and families.
Matthew resides in Matawan, NJ with his wife Nichole. His outside interests include traveling, fine dining, snowboarding, and golf.