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Just looking for some opinions here. It seems to me that if we spend all of our money on all these different insurances that are recommended, we will not have any money left over for savings and retirement. But if instead we contribute regularly a hefty sum to a savings account that earns good interest our loved ones may be better off in the long run. The chances of becoming 100% completely disabled do not seem very likely to me, but I guess that is just my opinion. Just curious how others feel about disability insurance and if it is worth it.

I think that disability insurance is necessary when your job is quite "risky" -- like you climb windows, travel a lot, or get exposed to other dangers.  And I agree, it's important if a lot of people rely or are dependent on you (e.g. lots of kids).  

Otherwise, just save the money and invest it on things that are more important while living. I acknowledge the relevance of insurance, but let's not be over-paranoid, too.

Disability is critical to protect the income stream of the any income earner. Not just to protect the loss of income to the family, but also to cover the living and medical expenses of the disabled.

However, you need to evaluate the policy. $250/month sounds like a lot, but it might be because you're getting a high coverage. Generally, you should insure about 2/3 of your current income. Because the benefit will not be taxable if you pay the premium using after-tax dollars.

- Does the policy cover own occupation or any occupation? Get one policy that at least cover own occupation for the first several years of disability.
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Getting a disability insurance is not considered a necessity compared to long term care, health insurance or life insurance. I agree that this is only recommended for people who put their lives on the line while they're at work. If their job is dangerous then it's recommended that they have this kind of insurance.