While you’re working, you may need disability insurance. If you can’t work (and won’t get paid) because of illness or injury, disability insurance can provide vital cash flow.

However, even long-term disability policies generally don’t pay benefits after age 65. These policies are designed to replace earned income, if you can’t work, not to serve as a retirement fund.

Keeping that in mind, does it make sense to keep paying for disability insurance when you are in your late 50s or your early 60s? The fewer years you have until retirement, the smaller the chance that you’ll become disabled and collect any benefits.

Nevertheless, you might want to keep paying for coverage. As you grow older, you may be more likely to have a disabling stroke or heart attack. Losing income in those years could hamper your ability to build up a sizable retirement fund.

On the other hand, if you already have an ample retirement fund, you might consider doing without disability insurance when you’re in your 50s or early 60s. That’s especially true if you are a short time from retirement and you are in good health so the risk of disability is modest.