Despite these grim odds, the life insurance industry has done a lot better job selling policies than its disability counterpart. And don't assume you're out of the woods if your boss offers group coverage.
Payments are usually capped at a monthly maximum, too.
And when your employer pays the premiums, you pay the taxes. What this means is, there's a good chance you and your spouse need this insurance, or need more of it in the form of a supplemental policy. Unfortunately, it's not as easy to get as it used to be. Ten or 15 years ago, disability insurance policies were more generous and premiums were lower. Then, after a deluge of claims and resulting floods of red ink, companies left the business or merged, leaving only a handful in the market.