Who Needs Income Protection Insurance?

a dog lying on a bed

The insurance industry might seem like a business built on speculation and scare tactics. Homeowners, drivers, and people with children – to name only a few categories – all purchase insurance in order to stave off the perils of a rainy day. But it can feel as if that day might never come. Income protection insurance and disability insurance are coverage options that many might shrug off as unnecessary or extraneous. But income protection and disability insurance are options that everyone should at least consider. They might just come to be the difference between wellbeing and happiness and a lifetime of struggle.

Insurance is a safety net against uncertainty.

Insurance as a whole is a safeguard against the unknown. This can be used to cover all types of threats—from a cancer diagnosis to a car accident. Insurance comes in many forms and is responsible for providing you with peace of mind that simply can’t be granted by any other means. With the growing crisis resulting from the Covid-19 pandemic making medical consultations harder to come by, alternatives like telehealth have sprung up, but these can cost you a pretty penny without proper coverage.

Cancer care telemedicine is a particularly important new development geared towards cancer patients who are at risk during our current state of Covid-19 lockdowns and restrictions. Cancer care, among other essential medical care functions, doesn’t stop because of a global pandemic. In fact, oncologists are finding themselves working overtime to provide cancer care that circumvents and supplements in-person visits. Caregivers are replacing typical appointments with telemedicine visits and other workarounds in an effort to continue the treatments and consultations that cancer patients and others require, even amid a public health emergency.

Income protection as a unique and powerful type of insurance coverage.

Income protection insurance is a different type of coverage that protects individuals and families from the loss of income after an injury or illness. This protection includes considerations of severe illnesses like strokes or cancer and can help pay for the expenses associated with cancer care and recovery efforts. Income protection insurance is especially important for those with young children. As an alternative to a term life insurance policy, income protection coverage may be a cheaper option to create this same peace of mind in the event of an accident that leaves you unable to continue working.

Income protection guarantees that even if you do suffer a long term disability that curtails your ability to work and earn a wage in support of your family’s needs, they will not go without. While families can benefit greatly from the protections associated with this type of coverage, it’s also a huge benefit to single adults who are older and continue working. People are working longer than ever these days, by necessity as well as by choice. The ability to protect your income earning potential is incredibly important and it makes for a far more interesting life as well. With the threat of lost income off the table, older adults are able to kick back and enjoy life more. Engaging in hobbies that provide a higher risk factor like learning to ride a motorcycle or skydiving are things that people often add to the bucket lists but sometimes miss out on for fear of an injury that will leave them unable to care for themselves. With income protection this worry evaporates instantaneously, leaving you to chase down whatever dream you’ve been kicking around in your head these last years.

Adding income protection insurance is a great way to provide yourself with a unique peace of mind, knowing that you will be protected if your ability to work is suddenly threatened. This gives many people a new lease on life, improving their quality of life and happiness in one fell swoop.