If you need a paycheck, you need disability insurance. There are many components to financial security, but an individual’s ability to work and earn an income is what makes everything else possible. People insure their homes, cars, and personal property, yet they often fail to consider insuring the one thing that makes all of it possible – their income.

How solid is your foundation? When someone is too sick or hurt to work, the bills don’t stop. Plus, there may be additional expenses for medical treatment or assistance. Many believe the government will support them, but the average amount of time it takes to collect Social Security disability benefits, if you qualify, is over a year. Employer policies are usually taxable, leaving less income to go around. Are you confident your family would make ends meet?

Critical illness insurance provides a lump sum cash payment if the policyholder is diagnosed with a specific illnesses from predetermined list as part of an insurance policy. Unlike disability insurance which covers a loss of income, critical illness insurance provides immediate financial support upon the onset of the illness. No evidence is required to prove if you can or cannot work. This type of insurance can be extremely beneficial, especially because you typically do not have to satisfy an elimination period like that of disability insurance.

With that said, both disability insurance and critical illness insurance can have their appropriate places in the big picture of an individual’s insurance portfolio.