No Secondary Policy Necessary

Laura is a physician making $190,000 a year. Laura's employer provides disability insurance free of charge. Should she get her own policy instead of the one at work?

QUESTION: Laura in Portland is a physician and has been in a job for six months making $190,000 a year. They’ll be debt-free in June. Laura’s employer provides disability insurance free of charge. If she stops working for this company, she’ll no longer have it. Should she get her own policy instead of the one at work?

ANSWER: Unless you become ill, you can get long-term disability. You can get it through some of the medical associations, and you could find it the way you found this one—through an independent broker who shops and makes a market for you.

No, I would not buy it. I’d let them furnish it for you, and if you ever start to sense that anything is going wrong with this employment, then yes, we’re going to look for a long-term disability policy at that point, but no, I wouldn’t suggest having a second one.