Most people insure their material possessions – their homes and cars, for example. But many of these same people don't insure what is probably their most valuable asset – their ability to work and earn an income. If you become sick or are injured and can't work, will you be able to pay your bills and maintain your standard of living?

If you depend on your income to pay the bills, you need to seriously consider buying disability income insurance. Disability income insurance can help you pay your bills by replacing a portion of your income. It can help you maintain your current lifestyle and help protect you and your family from serious debt.

At any given age, the odds of becoming disabled are much higher than the odds of dying. Every year, 12% of the adult U.S. population suffers a long-term disability. One out of every seven workers will suffer a five-year or longer period of disability before age 65. If you're 35 now, your chances of experiencing a three-month or longer disability before age 65 are 50%, according to a 2007 survey by the National Association of Insurance Commissioners (NAIC). If you're 45, the figure is 44%.

These odds are not an issue for people who have substantial savings for a time of need. Unfortunately, this is not the case for most of us. Whatever funds we have are usually set aside for retirement.

Most financial planners and insurance agents agree: Protecting yourself from risk – especially the risk of disability – is the foundation of a good financial plan.

James J. Speir, owner of Speir Financial Services, LLC, helps many clients determine their insurance needs. He is also founder and President of the Senior & Caregiver Resource Network. James can be reached at (888) 458-0667 or This e-mail address is being protected from spambots. You need JavaScript enabled to view it .