If you can afford it it's not a bad idea. From your question I can't tell if you have employer provided disability insurance and you are looking to supplement that or if you are talking about buying a supplemental disability insurance policy as a voluntary employee benefit that might be your only form of disability insurance. However, the basic premise of "insuring your paycheck" is a sound one and is an area of risk that many people overlook. For example, one out of four 20-year olds will experience a period of disability before reaching age 65.
I am not real clear on your question. Do you have disability insurance either on your own or through an employer you wish to supplement?
If this is the case there are some things to keep in mind. First disability insurance policies coordinate with each other. The benefits to you cannot exceed the limits of the policies combined. For instance, one policy will pay up to 67% and the other policy will pay up to 70% of your current income. If your limit is $5,000 per month the very best thing to happen would be the terms may last longer by having a bigger "pot of money" in your benefit bank.
If you are looking for a supplement to cover a long elimination period and you can afford it, then it may be a good idea. If your long term policy has a 180 day elimination period, you may need a short term policy with benefits as early as 7 days but only up to 180 days when the long term policy is met.
Sit down with your trusted advisor to work out your details to avoid paying premiums with no benefits because of those limits. I am always available to help as well. Good luck!
Agent Owner, Gilmore Insurance Services, Marysville, Washington State
Should I get supplemental disability insurance? Well there is no right answer, just yours based on your situation. Would your employer's plan cover all your living expenses? If yes, pretty easy answer. Likewise if "no", it's a pretty easy answer. You purchase disability insurance to cover potential "loss" that you can't cover out of income or savings or investment.
Recruiter/Manager, Cole Insurance Investments, Charlotte N.C.
Yes this insurance could be the most important insurance you purchase if you lose the ability to perform your daily duties let a good consultant look over your finances this will give you some idea where you stand and what type you need just like life insurance disability insurance coverage has certain areas that it covers.
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If this is the case there are some things to keep in mind. First disability insurance policies coordinate with each other. The benefits to you cannot exceed the limits of the policies combined. For instance, one policy will pay up to 67% and the other policy will pay up to 70% of your current income. If your limit is $5,000 per month the very best thing to happen would be the terms may last longer by having a bigger "pot of money" in your benefit bank.
If you are looking for a supplement to cover a long elimination period and you can afford it, then it may be a good idea. If your long term policy has a 180 day elimination period, you may need a short term policy with benefits as early as 7 days but only up to 180 days when the long term policy is met.
Sit down with your trusted advisor to work out your details to avoid paying premiums with no benefits because of those limits. I am always available to help as well. Good luck!