Consider the following scenario that could possibly happen to you:

You’ve been hurt in an accident and you’re told it could be months before you can get back to work. Once the physical and emotional pain has subsided, you begin to think about practical matters – like your finances and how your family will get by without your steady paycheck.

You’re not worried because you obtained disability insurance long ago.

Most likely, however, your life has changed since then. Your income as well as your family have probably grown. And it’s possible that the coverage you have may not be enough to cover your current living expenses – like your mortgage, your monthly bills, or even your student loan payments. And suddenly you realize that your finances – and the savings you’ve worked so hard for – could quickly be devastated.

Question: Would you purchase insurance that protects just half of your house? What about half your car? Or your family?

Most likely you would not. So why would you settle for insurance coverage that might only protect half of your finances?

Rock climbers have confidence that their safety equipment will catch them if they fall; otherwise they would never take the risk of climbing. But they don’t secure their anchors, knots and carabiners once, then ignore them for the duration of their climb. To be safe, they check their safety equipment periodically; both as their position changes, and as time passes.

As a resident, you may believe that you don’t need to think about long-term disability insurance, since it is part of your employer-provided benefits package. It is reasonable to feel confident in the benefits provided by your employer. But to be sure that your disability insurance will protect your finances properly in the event of a serious accident or illness, you should look closely at your protection to make sure it fits your situation; and as a resident, you may have specific needs that your employer-provided coverage simply cannot meet.