Insurance is shifting the risk to someone or something that is more likely to be able to handle the catastrophic event. People often insure their life through life insurance, their income through disability insurance, their business through business overhead insurance, etc.
Unless someone has a well-established career, taking care of their finances is difficult in today’s economy simply because the cost of living is usually higher than the cost of labor. This means that it’s difficult to avoid a lower standard of living. Many jobs at or near minimum wage simply don’t pay enough to cover basic living expenses. Still, it can be even more difficult to balance finances if a person has a disability that limits how many hours they can work a week. According to the U.S. Census Bureau's American Community Survey, "Individuals with disabilities were less likely to be employed than [...]