Overall 2020 has been a tough year. The last, Covid-centric, nine months have forced many of us to confront scenarios that we never anticipated and highlighted a need to secure protections for our financial futures. Even before the global pandemic, ‘1 in 3 people will find themselves unable to work due to wellness complications at some point before retiring’. Imagine the horror of a sudden event preventing you from being able to return to work for the foreseeable future? Could you, and your dependents, survive with a loss of income, especially without the right benefits to provide assistance? So how do you protect yourself when the unforeseeable happens? What options do you have that could secure your income if you find yourself unable to work due to a long-term disability incurred through injury or illness? The answer is income insurance.
What is Income Insurance?
In a nutshell, income insurance is a way of insuring your paycheck. In a similar way to its more ‘familiar’ friends ‘home, car and life’; it provides protection and security for when things go wrong. Sometimes referred to as disability insurance, which can provide a limited perception of its capabilities, income insurance is designed to offer financial security. In the instance that you are hit with a wellness issue that prevents you from returning to work, income insurance can safeguard your ability to earn a living and provide you with the peace of mind you need to recover. Consider a surgeon who permanently injures their hand or someone who contracts a disease that leaves them too exhausted to perform; they will no longer be able to work. Income insurance is the only way to properly prepare to cope with these types of circumstances.
Why is Income Insurance so Important?
We didn’t need 2020 to show us that good health or job security isn’t a guarantee, but many of us still don’t ensure we have adequate protection in the event something goes wrong. "But by age 42, people are four times more likely to have an injury or health complication than they are to die during their working years". Women need to be even more conscious of potential risks as they have a 54% chance of becoming seriously ill or injured during their working years. We all know how easy it can be to avoid preparing for worst-case scenarios, but that doesn’t make them go away, or reduce the cost of their impact. You probably (hopefully) have medical insurance through your job, and you might even have life insurance as well, but neither of those things protects you in the case of an illness or injury that results in an inability to work beyond 90 days. If you are unfortunate enough to have a wellness issue that prevents you from working long-term, you could lose your income, possibly for good. No one should have to face that situation.
Income insurance has become even more crucial when you consider the overall evolutions in the way we work. More and more people are opting to pursue entrepreneurial ventures or freelance positions; especially in the aftermath of Covid-19. This shift has complicated the situation when it comes to benefits and insurance. But changing the way you earn shouldn’t have to mean compromising on protections, your health, or recovery. The rise in independent contractors is good for economic growth and many of them are the main breadwinners in their homes which could make any loss of income catastrophic for individuals, families, and society as a whole.
The Asteya Approach
Much like Zoom, this type of insurance has been around for a long time, but 2020 has significantly increased people’s awareness of it and, sadly, the need. That is why Asteya wants to raise awareness of how vital income insurance can be and how our unique approach is especially beneficial. The reality is that sometimes the worst does happen and things out of our control can remove the everyday elements we take for granted. If that happens, you need to make sure your quality of life is secured.
Founded by entrepreneurs with a distinct perspective on the obstacles faced by independent contractors, Asteya’s goal is to enhance the experience of securing income insurance and improve sustainable working environments. We aim to provide an honest, transparent service that not only protects but encourages overall wellness and long-term stability. We know how hard it is to struggle with illness or financial loss, which is why we want to be there for you when you need help the most.
To explore our income insurance options or discuss your specific requirements visit our website, Asteya.world