I found the below article By - S.W. Hampson, Yahoo! Contributor Network Feb 5, 2013 very applicable and thought I would post it here – Doug Frain
Many people often focus their attention on life insurance policies while neglecting to even consider disability insurance. Disability insurance is crucial in ensuring your financial security and anyone who is able to purchase it should consider doing so. There are three key reasons for taking out a disability policy.
Single with No Dependents
The purpose of life insurance is to minimize the financial impact that an untimely death would have on your dependents. This also applies to homemakers and stay-at-home parents because even though they do not bring in an "income" in the traditional sense they do contribute valuable services to the family that would otherwise cost a fortune. However, if you are single and do not have any children then you have no dependents counting on your income to support their way of life. This renders the notion of a life insurance beneficiary nearly useless.
Disability insurance protects you in the event that you become disabled and as a single person with no dependents your personal well-being should be your sole and primary concern. It is in your best interest to ensure that you can guarantee some financial and lifestyle security in the event that the unthinkable happens.
The Laws of Probability
But, just how unthinkable is the notion that you could become disabled? Statistics show that during their working life men and women alike have a much higher probability of becoming disabled than they do of meeting an untimely death. A working 20-year-old has a 25% chance of becoming disabled at some point during their career. This is far higher than the odds of an untimely death occurring. Does that likelihood seem high? It should not if you consider that not all disability stems from catastrophic accidents. Back troubles, cancer and other ailments can all render you disabled and without disability insurance your very livelihood is at risk without any cushion to soften the blow.
Expenses
With the establishment of the fact that those of a working age are more likely to become disabled than to meet an untimely death, you must also consider how that disability could impact your dependents. Not having life insurance would leave your dependents without your income or the comparable value that you bring to the family unit if you are a homemaker or stay-at-home parent. However, and at the risk of sounding morbid, an untimely death would also lead to an overall reduction in living expenses incurred by the family. Disability, on the other hand, creates a two-fold negative impact on your family's financial well-being; not only would you not be able to generate income or work as a homemaker but your disability would also cause an increase in healthcare expenses. The importance of disability insurance to your family's financial well-being cannot be overstated.
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