Make Insert/Overwrite toggle a disablable option

I seem to be unable to find an option to disable the "Insert/Overwrite" Toggle (hitting the Insert key switches between Insert mode and Overwrite mode).

This feature is absolutely useless for me, I might even describe it as detrimental to my productivity.
Not saying the toggle should be removed entirely if it is of some use to someone, but I do think it should be a disablable option in the Options menu, not a fixed feature.