ANY component can fail. However, the PSU failing is particularly dangerous as it can also cause damage to other parts if it does fail. I cannot stress this enough, ALWAYS invest in a great PSU, particularly one with a 10 year warranty.
I highly recommend either EVGA or Corsair. If you need a 500W, the EVGA SuperNOVA P2 80+ Platinum is an excellent investment. I wouldn't go with less than a Gold rating though, and I wouldn't go for any brand that isn't top of the line.
Rather spend $100-150 on a PSU than hundreds, or even thousands, on a new build because a non-top of the line brand caused harm.