If you do not receive Disability Insurance for free through your place of employment, you should most likely pay for Disability Insurance. If your paycheck is essential to maintaining your standard of living, and if you can afford to pay the Disability Insurance premiums, it is definitely a worthy expense.
If your ability to earn a living is important, then you should obtain disability insurance. Many employers provide "short term" disability insurance. taxable benefits lasting up to 6 months or a year. Long term disability policies provided by employers are generally hard to collect on, especially for a long term disability.
The best individual policies provide the following benefits:
1. The insurer can't increase premiums before age 65
2. The insurer can't decrease benefits
3. You will be paid if you can't do your regular occupation, whether the disability is caused by illness (92% are!) or injury, on the job or off
4. You will receive benefits if you can't work full time, or you can't do all the facets of your regular job, and suffer an income loss
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The best individual policies provide the following benefits:
1. The insurer can't increase premiums before age 65
2. The insurer can't decrease benefits
3. You will be paid if you can't do your regular occupation, whether the disability is caused by illness (92% are!) or injury, on the job or off
4. You will receive benefits if you can't work full time, or you can't do all the facets of your regular job, and suffer an income loss