Job insurance (which is more commonly referred to as income protection insurance) is insurance that insures your income. It is ideal for those who's loss of income would result in financial hardship. Obviously most people would experience financial hardship, but it allows you to continue to pay your mortgage, buy groceries and save for retirement. Depending on your own life situation these may not be an issue in your life. In those instances the money you would have otherwise spent on premiums would have been better invested.
With the current economic situation, many people might be considering private unemployment insurance. In Canada getting private unemployment insurance will be a challenge. These insurance products are sometimes offered in the states, but even then they have numerous drawbacks. In Canada you are already investing in unemployment insurance, which is referred to as employment insurance (EI). You will probably notice EI deductions on your pay stub and it allows you to apply for benefits if you ever become unemployed. Comparatively, the cost you would pay for this level of protection privately would be much higher.
Protection is exactly what insurance provides, but it is measured in peace of mind. Speaking to a financial advisor allows you exactly this because it sets you up with a plan. No matter your income, unless you are completely dedicated to living for the day, there is a very good chance a financial professional can help set you on a path.
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