Disability and Income Protection

CPA services provided by Contryman Associates, P.C., Investment Adviser services are offered through Contryman Wealth Advisors

A plan to protect your income and to pay expenses should you become disabled before retirement, or to protect your retirement and other assets if you need care for a long-term disability or illness.

Disability planning will help protect one of your most valuable assets while you are working: your “earning” asset. A disability policy with sufficient coverage can help provide the peace of mind that comes with knowing that your bills will be paid and your family cared for if you become disabled due to injury or illness. While your employer may provide some coverage, it may be insufficient to cover all of your expenses, and it covers you only while you are working for that employer.

Only a few companies offer disability protection to farmers. We work with some of these companies. While you may have found the coverage unavailable or too expensive to consider, it is available and often at affordable rates. As a farmer, you may find peace of mind in protecting your family if you should become disabled.

Your Contryman Wealth Advisors professional can help you determine the type of coverage that may be appropriate for you. We can help you wade through the details that define the policy you select and we will tell you about the tax consequences of these policies so you are informed before you make your decision.

The average cost of long term care in the U.S. is $75,000 per year. Some conditions such as Alzheimer’s may result in stays of 10 years or more. If you are retired, that amount could seriously reduce the number of years your retirement nest egg will last. You may also wish to consider long-term care protection if you are still working to pay expenses for your care not covered by a standard disability policy. We can help you determine your need and compare policies for your long-term care protection.


  • Meet with a Contryman professional to determine your needs for disability or long-term care protection
  • We can discuss the different types of policies available to meet your needs, explaining the terminology, limitations, and tax implications for each
  • If you decide to purchase coverage through Contryman Wealth Advisors, we will prepare a quote so that you will know the cost of the policy you select
  • We will help you with the forms that are required to put your policy in place so that you are protected in case of disability or illness

Case Examples:
Example 1: So often with matters of insurance, those in need will say, “I’m going to wait awhile.” One individual we work with was fortunate that he did not decide to defer his decision to purchase long-term care coverage. Within three weeks of purchasing his policy, he was diagnosed with melanoma, a skin cancer that would have eliminated him for coverage. The melanoma was successfully removed, and he is healthy at this time but feels secure knowing that his policy is in place if he ever needs long term care.

Example 2: This is the story of a couple that does not have long-term care insurance. When the husband was diagnosed with Alzheimer’s and his care became too much for his wife to handle, he entered a nursing home. It was then that the wife learned that she would have to sell most of their assets and use up all of their life savings to pay for his care. The state would then pick up the remainder of his expenses. She was allowed to keep their home and a car. But what happens when the car gets too old or fails? How do you repair or replace it? She is allowed to spend her Social Security checks on herself, but all of his benefits are put toward his care or for upkeep on the house. She has to keep separate checking accounts for each of them to prove that only allowed expenses were paid from his checks. After he was put into the nursing home, the wife received a small inheritance which she was allowed to spend on her needs (that is how she was finally able to purchase a different car). However, if he would have inherited the money, it would have all gone for his care. He has now been a resident of the nursing home for nearly 10 years with his wife living a much different life than either of them had planned.

These case studies may not be representative of the experience of, or the results realized, by other clients. There is no guarantee of future performance or success.


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