You’re an adult now, with a job and an income. You also have responsibilities. You have loved ones, and your things, to protect. A secure source of income is one of the most important parts of anyone’s life. Your income is what gives you freedom and independence. But you’re young. You don’t need to insure your income, right?

Your income can be all too easily lost by an injury or illness that prevents you from working, even if you’re still in your 20s. You could become unable to work at any point before retirement. So, think again.

Permanent disability insurance covers the potential loss of income that can be caused by injury or illness. If cannot work anymore due to a disability that is covered by your insurance, your policy will replace part of your income. You will get these benefits for as long as you’re disabled or up to a maximum period of time that is laid out in your insurance policy.

Having disability insurance or other income protection means that you can buy food, pay your bills, and cover your other expenses while you cannot work. As well as these big reasons, here the some of the other big reasons that even if you’re in your 20s, you should buy disability insurance to insure your income.

Photo, Edward Cisneros.

It’ll Never Be More Affordable

The cost of disability insurance is worked on based on how likely you are to file a claim. Your age and your health will be taken into account.

As a healthy person in your 20s, you are at the lowest risk for insurers. This means your premium will be lower now than it ever will be again. Healthy people are less risky to insurers than those who have chronic illnesses or other health factors that are more likely to develop in later life.

You Have Dependents

If you’re married or have children, you should have both disability and life insurance. If you have children, your income will be covering living expenses like food and clothing. A few months without your paycheque could be a big problem for the family.

Even if your spouse is working too, your lifestyle is likely to be built on having both of your incomes. If one income is lost, even if only for a little while, would you still be able to pay the bills?

Photo, Toa Heftiba.

You Have Student Loan Debt

A disability insurance policy can help you to manage your student loan payments if you become ill or are injured. In some cases, you might be able to clear your student loan debt entirely if an illness or injury ends your career entirely.

However, in many cases, you will still be responsible for making your student loan repayments, regardless of what happens to you. Even if you declare bankruptcy after a disability, student loans can be hard to write off.

You Bought A House

If you own a house, your mortgage is probably your biggest monthly expense. If you lose out on a few paycheques while you can’t work, you could easily fall behind. Too many missed payments could result in a foreclosure and you losing your home.