Let’s recall the very reason for the inception of insurance. Life is full of uncertainties. We can never tell when we will die or get sick. We cannot predict when a natural disaster will hit our area. Hence, the necessity to protect ourselves from the unexpected or ease its impact at the very least. Same thing with income. People often overlook the need to insure it especially when a misfortune strikes them.

Before making the move of safeguarding your salary, be mindful of the following factors.

The cost of being sick is no joke, not to mention it rises as time passes by. Also, many people are shocked to discover how their medical bills can end up costing them, even if they have health insurance. Remember, this policy excludes certain expenses such as professional fees. Aside from health insurance, life insurance won’t help much in lowering hospital bills and other related expenses since it only covers death cases.

One of those is the disability income insurance, which can help shoulder such costs. In essence, the coverage ensures the policyholder and his beneficiaries if the former passes away. Many financial advisors recommend obtaining the insurance as it replenishes a part of the holder’s salary if he becomes incapacitated because of accident, disability, or illness. The terms may vary from insurer to insurer. But majority of disability income insurances continue its payout until such time the person can begin working again or dies.

Other types of income insurance are unemployment protection insurance which secures a policyholder’s salary in the event of termination. The policy pays a monthly sum for a specific time period. Insurance companies also have mortgage payment protection coverage, which gives a leverage by matching the amount of monthly mortgage payments in case the person loses his job.

Getting an income insurance is arguably one of the best tools to insure oneself unexpected events. Not only continuous income is assured, but also your loved ones are secured as well.