Between the ages of 25 and 55, you're more than twice as likely to become disabled and unable to work for six months or more as you are to die. Many employers foot the bill for long-term disability insurance that pays 60 percent of your income if you are unable to work because of injury or illness. If your company's insurance replaces less of your salary, try to get supplemental coverage through the employer's plan to boost your protection to 60 percent.

If you have to find your own disability insurance, look for a guaranteed renewable or a noncancelable policy. Under these types of policies, the insurer will renew the coverage without changing the benefits as long as you continue to pay your premiums on time. (To find individual disability coverage, check with the companies that sell health insurance in your state.) Make sure your policy covers both accidents and illness.

You can lower your premium by electing to have your policy's benefits kick in after any employer-provided sick leave or short-term disability payments would end (normally after 26 weeks). If your employer doesn't offer any disability, direct your policy to take effect after 90 days or more depending on your savings. The longer the waiting period, the lower the premiums. You can also choose a policy that pays benefits until age 65, rather than for a lifetime. These two moves will cut your premiums as much as 60 percent.