Why you should buy life and disability insurance at the same time Izusek/Getty Images Life insurance protects your family in the event of your death. Disability insurance protects your income if you can't work due to illness or injury. Having both life and disability insurance protects your lifestyle and family. You work hard to provide a comfortable lifestyle for yourself and your family. But if an injury prevents you from working, will you be able to maintain your lifestyle? "If you don't make it home and someone relies on your income to live, you need life insurance," Mark Williams, CEO of Brokers International, told Insider.