Dear Dave,
I’m a doctor, and I’ve been at my current job for six months. I’m scheduled to make $190,000 this year, and my husband and I will be debt-free in a few months. My employer provides disability insurance free of charge, but if I stop working for this company I’ll no longer have the insurance. Should I get my own policy instead of the one at work?
Laura
Dear Laura,
Unless you become seriously ill, it’s easy to get long-term disability insurance. You could find it through some of the medical associations, or you could find it the way your employer found the policy you have now—through an independent broker who shops and makes a market for you.
But at this point, I wouldn’t run out and buy another policy. If you’re getting it free of charge, let your employer handle the work. Then, if you ever sense things are going downhill at your job, you can start shopping for a long-term disability policy at that point. Right now, there’s no reason to pay out of pocket or have a second one.
—Dave
Dave Ramsey is America’s most trusted voice on money and business. He’s authored four New York Times best-selling books: Financial Peace, More Than Enough, The Total Money Makeover and EntreLeadership. The Dave Ramsey Show is heard by more than 5 million listeners each week on more than 500 radio stations. Follow Dave on Twitter at @DaveRamsey and on the web atdaveramsey.com.