You should verify the amount of coverage you have through your employer and the terms of the policy. There are many reasons to purchase an individual policy, including:
- Your work coverage may not be enough. If your employer pays your premium, then your benefits would be taxed. However, if you pay the premium, your benefits are not taxed.
- Furthermore, many group policies cap the amount of coverage. Higher salary employees may be under-insured. A supplemental disability policy could help with closing that income gap.
- If you switch jobs, your policy probably won’t transfer. Depending on your age and health then, it may be more challenging to qualify for a policy if your new employer doesn’t offer this or if you will be self-employed.