Do you think that you’re too young and fit to worry about disability insurance? Think again; it’s never too soon to start planning for the event of a long-term illness or debilitating injury. Three out of ten workers entering the workforce today will become disabled before retiring. Almost half of the 6.8 million workers currently receiving Social Security Disability benefits are under the age of 50. Combine odds like these with the escalating costs of living, and it’s tough to argue against having disability insurance.

There are two types of disability coverage you can apply for: “own occupation,” which covers you in case your injury prevents you from continuing in your line of work, and “any occupation,” which covers you in the event that you are left too disabled to pursue any line of work.

If you decide to get disability insurance, you need to take care to look into the renewability, elimination period, benefit period and optional riders of your particular policy. (Don’t worry, we’ll define those things below.) When shopping for insurance, you can always check your prospective insurance company’s ratings at Ambest.com.

But before we talk about which type of disability insurance coverage best fits your needs, let’s answer some basic questions:

What does disability insurance cover?
If you become ill, injured, or otherwise unable to work, disability insurance provides you with an income. The size of that income depends on your personal policy.

How much does it cost?
Disability insurance will typically cost between 1-3% of your annual income, but this can vary based on factors including your age, gender, health history, and occupation.

But won’t I receive benefits from the government or my employer if I become disabled?
While there are government benefits available to disabled workers, including workers compensation and Social Security Disability Insurance (SSDI), they come with serious strings attached. Workers compensation, offered by the state, is only available if you’re injured on the job.

SSDI, a federal program, doesn’t pay benefits for several months after a disability and provides a limited financial benefit compared to private policies. Even if you are eligible to collect on these programs, if you’re accustomed to a comfortable salary it may be a good idea to explore whether carrying additional coverage will help you maintain your current lifestyle.

While many employers do offer group disability insurance, individual policies can be a valuable supplement. And for the self-employed, individual disability plans are the best way to ensure that you’ll be able to pay your bills if you’re unable to work.

Now that you understand the general concept, the next step is to learn about the details of a typical disability insurance policy so that you can select the best one for you.

And finally, shop smart; find a company that’s likely to be around for as long as you may need benefits. Don’t be shy about asking for the ratings of any company you’re considering. And consider consulting a financial planner who can help select and explain the best policy for you.

The Bottom Line: This often-overlooked benefit can preserve your lifestyle in the event of an illness or injury. If you’re the primary breadwinner or need your paycheck to pay your bills, you should have disability insurance.