Disability insurance is often overlooked. People think about life insurance more often than disability.
You may need more that one kind of insurance. If you are covered by a workers compensation plan then you have protection if you have an accident while you are at work. You are not covered for sickness unless it arises due to your employment. This means you need a kind of insurance that covers you when you are not at work.
You also need to know what your disability insurance covers. There is a type of disability known as own occupation insurance or what the cool kids call “own occ.” This type of insurance pays you a disability amount if you are unable to go back to your own job. If your policy does not have this caveat then you might not be considered disabled unless there is no job that you could do.
An example — a person suffers a mental health issue and is unable to continue being a lawyer. If that person has “own occ” insurance then they will be receiving disability payments. If that person does not have “own occ” then it is possible that their insurance will not pay out because they are able to work in a fast food restaurant. When you do this research on disability plans, you will find out that the “own occ” plans cost more, but I think you will agree that the money would be well spent.
The strategy here is to think about the ways in which you could be hurt or get sick and make sure that you have some disability coverage that would apply.