Which type of insurance is specifically for income loss due to an illness or injury?

Disability insurance is designed specifically to provide financial support in the event that an individual cannot work due to illness or injury. It typically replaces a portion of the income lost as a result of being unable to perform one's job duties. This type of insurance is crucial for maintaining financial stability when unanticipated health issues arise, as it helps cover essential living expenses during the period of disability.

Health insurance, on the other hand, primarily covers medical expenses such as doctor visits, hospital stays, and prescription medications, rather than providing income replacement. Life insurance provides a payout to beneficiaries upon the death of the insured, which also does not address income loss directly. Pension insurance is related to retirement benefits rather than immediate support for income loss due to disabilities, ensuring income after retirement rather than during an inability to work. This distinction underscores the focus of disability insurance on providing income during periods of temporary or permanent inability to earn wages.