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Most people prefer not to think about it. But it's an important question. Will your family be financially secure if you are injured, become seriously ill, or worse?

There are several types of insurance that can protect you and your family if the unexpected happens.

Disability Insurance

Whether permanent or temporary, a disability can leave you unable to work. And being disabled may be more likely than you think. According to the Social Security Administration, a 20-year-old worker today has a 30% chance of becoming disabled before retirement.

You can purchase a disability insurance policy that can offer some peace of mind. If you become disabled and can't work, the insurance will pay you a percentage of your lost income. The amount depends on your policy, but 60% is typical.

You should also check with your employer to see if your company offers disability insurance.

Life Insurance

Life insurance can provide financial support for your family after you die.

There are different types of life insurance policies. Make sure you understand the terms of the policy you consider buying.

Term life insurance, for example, is good for a set number of years. You pay premiums for a certain amount of time. If you die during that time, your family gets the money.

People often get term life to cover their families during the time when their death would have a big financial impact. For example, it could be useful if you are in the middle of saving money for your kids' college tuition or if you are paying off a mortgage.

Permanent life insurance, by contrast, lasts your entire life as long as you continue to pay premiums. It usually costs more than term life insurance.

Some life insurance may be available through your employer, but you can compare individual plans using online tools.

Supplemental Health Insurance

When a serious illness or injury sends you to the hospital, you may have a lot of medical expenses that are not covered by your health insurance plan. Supplemental health insurance helps fill that gap.

For example, it can help you pay for:

  • Deductibles (the amount you have to pay before your health insurance kicks in)
  • Co-payments (the amount that your insurance plan requires you to pay for a health service)
  • Out-of-pocket expenses (medical bills that aren't covered by your health insurance)