Many employees fall into the trap of getting insurance from their employer instead of buying their own disability insurance policy.  Let’s look at reasons why you should by your own policy.

Group plans are not guaranteed.  They can be changed or even cancelled at any time and without advanced notice.  You could wind up without any coverage at all.  Also, if you change jobs, you lose the coverage.  Last, if you become partially disabled, some policies will not pay out.

Getting your own policy allows you many benefits.  First, the policies remain unchanged for the life of the policy.  There are no changes and the policy cannot be cancelled.  Also, if you switch jobs, you can take the coverage with you.  Next, if you suffer a partial disability, you can receive payments, and you can even receive payments if you take a different unrelated job.  For example, disability insurance for the physician would allow a plastic surgeon to work as a pediatric doctor while he receives payments for his disability.

Many disability insurance companies area available online to give you disability insurance quotes.  Check out the different policies and see if one fits your needs.

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There are many types of leave from work that an employee may choose or be forced to take. Some are fairly obvious, but some are not quite as obvious as the others.

Vacation would be one of the obvious ones. Most employers will allow you to save up vacation time, usually depending upon how long you have worked for them, and redeem it so you can continue to get paid while you take some earned time off.

Another type of leave would be sick leave. Often times called sick days, these typically accrue in much the same way that vacation days do. Employees are still paid if they are too sick to come to work. There are, however, a stipulated number of days an employee may take, so when they run out they run out.

That brings us to one of the types of leaves that is not as obvious. And if you don’t have long term disability insurance you might be in trouble with this one! That’s because disability insurance companies are the only ones that will continue to pay you if you have gone beyond the number of sick days you are allowed or have earned but still are too sick to work. This is a type of leave that you don’t want to take if you don’t have disability insurance!

Technorati Tags: disability insurance, disability insurance companies, long term disability insurance, sick