Is Disability Insurance Really Necessary? 
I would say yes . Your ability to earn income is likely your biggest asset , so what would you do if you lost that ability ? Some important things think about when trying to figure out if disability insurance is right for you is : 1 -RRB- If you became disabled , could you continue to pay your bills -LRB- mortgage payments , car payments , credit card payments , etc. -RRB- ? 2 -RRB- How long would your savings last ? 3 -RRB- Would you still be able to retire when you planned or send your children to college ? 4 -RRB- What happens to your bonus compensation and retirement contributions ? Could you keep paying the overhead expenses if you own a business ? Most disabilities are not work related and therefore not covered by workers compensation and it can be very difficult to qualify for social security disability as many disability claims are denied - even if you are approved for Social Security , the payments will probably be significantly less than you earn . Disability insurance can protect you from losing your income and is one of the most important types of insurance you can buy , especially for business owners , key employees , physicians , attorneys , and anyone who has family that depends on their ability to provide income . A big advantage with disability insurance is that when you have a qualifying claim that triggers disability payments , the monies paid to you are paid as tax-free income -LRB- as long as you paid the prmeiums with your after tax dollars - most people do -RRB- . Please note , when you 're looking to purchase disability insurance , work with an experienced , independent disability insurance agent who can work with you on a personal level to help you determine what program is suitable to your needs and budget -LRB- disability insurance policies are very customizable -RRB- . Make sure you pay attention to the language in the policy - most importantly the definition of disability . The definition of disability is the most important aspect of your disability insurance policy and you want to secure the best definition you can -LRB- `` true own occupation '' is very much regarded as the best definition you can have -RRB- . I hope the information is helpful - please feel free to contact me for assistance with your disability insurance needs , including quotes and program comparisons , and if you have any other questions . Thanks very much . 