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Disability insurance pays benefits when you are unable to earn a living because you are sick or injured. Like all insurances, disability insurance is designed to protect you against financial disaster. Most disability insurance policies pay you a benefit that replaces part of your earned income (usually 50 to 70 percent.) In other words, the disability insurance plan will only replace your after tax income.

  Why would you need disability insurance?

Your chances of being disabled for longer than three months are much greater than your chances of dying prematurely. One reason for this is that medicine has made treatable many illnesses and injuries that formerly would have killed you. Although this is good news, it also increases your need to protect your income with disability insurance.

 While you are working

Everyone who works and earns a living should consider purchasing disability insurance. What would happen if you suffered an injury or illness, and couldn't work for days, months, or even years? If you're single, you may have no other means of support. If you're married, you may be able to rely on your spouse for income, but you probably also have many financial obligations, such as supporting your children and paying your mortgage. Could your spouse's income support your whole family? In addition, remember that you don't have to be working in a hazardous position to need disability insurance. Accidents happen not only on the job but also at home, and illness can strike anyone.

 If you're a business owner

If you own a business, disability insurance can protect you in several ways. First, you can purchase an individual policy that will protect your own income. You can also purchase key person insurance designed to protect you from the impact that losing an important employee would have on your business. Business overhead expense insurance ensures that if you get sick, your business will stay healthy. Finally, you can purchase a disability insurance policy that will enable you to buy your partner's business interest in the event that he or she becomes disabled.