Most people don't want to think of what might happen if for some reason one spouse were to unable to work...however, that conversation MUST be had before one of the spouses looses their paycheck. Loss of one spouses paycheck has a significant effect on a family's Financial stability and most have found it hard to recover, if they recover at all.
My husband was diagnosed with cancer 6 months ago. He had disability insurance and they only pay out about 65% of your base income (not overtime). They wanted to make sure he didn't know about the cancer before purchasing the disability plan so that took 2 months to resolve. They finally paid out, but my husband has been playing catch up financially for months, and will be for many more months...even with disability insurance in place.
Make sure you purchase disability insurance for those unforeseen times in life.
Check out the: