If you don't have enough savings or funds to cover your daily living expenses for a few months, you might need disability insurance. But there may be some circumstances where disability insurance isn't a necessary safety net in case you become disabled.
Consider disability coverage if:
You're the breadwinner of your family You don't have any coverage through your job You're self-employed You're paying off debt You're a caregiver You're in an injury prone profession
But you might skip disability coverage if:
You have enough money. If you've got enough savings, you may be able to self-insure to cover the risk of not being able to work. You're in the military. If you're in the military, you could have a disability policy provided through your military benefits. You have family to rely on. If you have a trust fund or your spouse makes enough money to support the family if you couldn't work, you might not need disability coverage. Social Security disability is enough. If you don't need much money and you're content with the amount you'd receive from Social Security disability, you might be okay without purchasing a disability policy.But keep in mind qualifying for Social Security disability can be a difficult process.