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Should you purchase group disability insurance?

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One of the primary benefits of working for a company, as opposed to yourself, is the ability to access a variety of benefits. This often means group disability insurance.

While some people are excited about the opportunity to purchase group disability insurance, others begin to realize that this is not the best decision for them.

But before you do anything, you need to compare the pros and cons as they relate to your situation.

There are two types of group disability insurance: short term and long term.

As the name suggests, short term group disability insurance is for those times when you will only be out of work for a short period of time, such as three months or less. With long term group disability insurance, you can file a claim if you will be unable to work over an extended period of time.

There is no right or wrong answer as to whether or not you should purchase group disability insurance. If this fits into your budget, it may make sense. If the cost is too high, you have the right to shop around for an individual policy.

There is a lot that goes into purchasing group disability insurance, including a review of the coverage you will receive. Do you know how much coverage you get for the premium? Do you know how to make a claim?

If you purchase group disability insurance, don't hesitate to use it should the time come. If for any reason your claim is denied, don't hesitate to file an appeal and continue to fight for your rights.

Source: Darraslaw, "Group Disability Insurance," accessed March 28, 2016

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