3 things you probably aren't buying -- but should be

Sometimes, spending money now means saving in the future.

Yet according the the numbers, we still have the tendency to skimp on, or neglect, highly important purchases — notably, insurance.

When things are going well, insurance can seem like a boring, potentially confusing, and mostly unnecessary cost. But when life takes a turn for the difficult, it can make all the difference.

Here are three types of insurance well worth your money:

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1. Disability insurance

Disability insurance -- which replaces some of your income should you become disabled and cannot work -- tends to get neglected more than other types of insurance, yet it is one of the most important types to buy.

The Bureau of Labour Statistics found that in 2014, 39% of private industry workers took part in short-term disability insurance -- which typically covers periods lasting less than six months -- and 33% took part in long-term disability insurance, which covers the length of the disability or until retirement.

'It's one of the biggest things people overlook,' explains Mary Beth Storjohann, certified financial planner and author of 'Work Your Wealth.' 'They think, 'It won't happen to me,' but the stats tell a different story.' The Social Security Administration estimates that a 20-year-old entering the workforce has a one in four chance of becoming disabled before retirement.

Start by looking into whether your employer offers disability insurance, Storjohann suggests. That plan will be much more affordable than buying a private policy because you're getting a group discount. A typical employer plan will cover about 60% of your income.

If your employer doesn't offer it -- or if you're self-employed -- you will have to take out an individual policy. You can also supplement your employer's policy by buying private policies, which some people prefer to do, particularly those with dependents relying on them. This could replace closer to 85% of your income.

At the end of the day, 'Your biggest asset is your ability to work and earn a living over your lifetime,' emphasised certified financial planner Jonathan Meaney to Business Insider. 'If you get disabled at age 25, and are unable to work and earn an income over your lifetime, that's probably the biggest loss that you could have. Disability insurance is there to protect you from things like that.'

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2. Renter's insurance

Another type of insurance that is often neglected is renter's insurance -- 60% of renters opt out of buying it, Rent.com reports, because they don't think they can afford it or don't think they need it.

'If you are a renter, definitely get renter's insurance,' Meaney told Business Insider. In addition to covering break-ins or damage from a fire or severe weather, renter's insurance will cover you if your car is ever broken into. 'Anything that is not part of your vehicle that is stolen from your car -- golf clubs in your trunk, for example -- is not covered by auto insurance,' he explains. 'Your renter's insurance on the other hand, will cover those items.'

As for affordability, it's relatively cheap. The average premium payment is $15.75 a month -- eliminate four morning lattes a month, and you've got it covered.

Think about your possessions, Storjohann says. How much it would cost to replace your computer, cell phone, clothes, shoes, books, and kitchenware? 'People tend to overlook and underestimate the value of their belongings,' she says.

If you still don't think you need it, this woman's heartbreaking story will make you want to buy renter's insurance ASAP.

Photo: Harry Tucker/ Business Insider Australia.

3. Good auto insurance

Nearly 13% of motorists -- or about one in eight drivers -- don't have auto insurance at all, according to the Insurance Information Institute. It varies drastically by state: Oklahoma has the highest percentage of uninsured motorists (26%) and Massachusetts had the lowest (4%).

And about 20% of people who do have insurance just purchase the minimum liability coverage, the New York Times reports, which in some states pay out as little as $25,000, an inadequate amount for any bad accident.

It's just as important to get the right car insurance as it is to get insurance at all, and many people are oblivious to what their insurance plan actually covers, Storjohann says.

You may be surprised at how little the minimum liability insurance actually covers -- for instance, it won't cover things like hail or fire damage, parking lot accidents, replacing a stolen vehicle, or even accident damage caused by you or another driver, to name a few. To prepare yourself for most scenarios, you'll want to look into buying more coverage, higher liability limits, and comprehensive and collision insurance. While it can be tempting to skimp on car insurance, one bad accident will have you wishing you'd invested in good coverage from the get-go.

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