1. 5527 POINTS
    Marlin McKelvyPRO
    President, Consumer Directed Benefit Solutions, Memphis, Tennessee
    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.
    Answered on March 16, 2015
  2. 10966 POINTS
    Tim WilhoitPRO
    Owner, Your Friend 4 Life, Brentwood TN
    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!
    Answered on March 17, 2015
  3. 11472 POINTS
    Larry GilmorePRO
    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.
    Answered on May 5, 2015
  4. 712 POINTS
    John Cole
    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.
    Answered on May 6, 2015
  5. 246 POINTS
    Ronald Mesler
    We Protect Doctors, LLC, Boise, ID
    Thanks for asking this great question!

    Most commonly you may need supplemental disability insurance if you are a high earner and your existing coverage is through a group plan at work. Why is that? Most group policies are not designed for high earning employees and may have a an income replacement amount that is not adequate for you. For example, a doctor earning $250,000 has group coverage that will cover up to a 60% of income monthly, with a monthly maximum of $8,000. In other words, their income replacement maximum it $96,000 per year. Do you think that going from $250k to $96k will a rude awakening in addition to being disabled? Plus, that employer paid disability coverage will commonly be fully taxable as income.

    I hope that helps!

    Ron
    Answered on March 22, 2016
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