Millennials are often known for their optimism and resilience, embracing life with the belief that anything is possible. But amidst this confidence lies a critical reality: life is unpredictable. While today’s 20- and 30-somethings prioritize experiences, health, and career growth, one vital aspect of their financial future often goes overlooked—disability insurance.
Here are five compelling reasons why millennials care about disability insurance:
1. Life Happens—And It's Unpredictable
Millennials may be known for their active lifestyles and health-conscious habits, but accidents and illnesses don’t discriminate. A surprising statistic highlights that more than one in four 20-year-olds today will experience a disability before they retire. Whether it’s an injury, illness, or a chronic condition, the financial fallout of being unable to work can be devastating without a safety net like disability insurance.
2. Millennials Are Financially Independent (But Not Invincible)
Many millennials are paying off student loans, building careers, and striving for financial independence. Yet, this independence often hinges on a single asset: their income. Disability insurance acts as a safeguard, ensuring that a temporary or permanent inability to work doesn’t lead to financial turmoil.
3. The Safety Net of Social Security Isn't Guaranteed
A common misconception is that Social Security Disability Insurance (SSDI) will provide ample support in times of need. Unfortunately, the reality is stark—nearly 70% of SSDI claims are denied initially, and even approved benefits may not be enough to maintain one’s standard of living. Disability insurance bridges this gap, providing a reliable, customized solution for millennials who want to control their own safety net.
4. It's More Affordable When You're Young and Healthy
One advantage millennials have is their age. Disability insurance premiums are typically lower when purchased early, especially while health is intact. Waiting until later can result in higher costs—or worse, ineligibility due to a preexisting condition. Locking in coverage now is a smart, forward-thinking decision that ensures affordability and protection for years to come.
5. Peace of Mind for You—and Your Loved Ones
Millennials may value their independence, but they often have a strong sense of responsibility toward their families and loved ones. Disability insurance doesn’t just protect an individual’s financial future—it also alleviates the burden on family members who might otherwise need to step in to provide support. Knowing you’re covered in a worst-case scenario offers peace of mind for everyone involved.
The Bottom Line
Disability insurance isn’t just about planning for the worst—it’s about ensuring that life’s unexpected twists don’t derail the dreams you’ve worked so hard to build. This is why millennials care about disability insurance, to strive for financial security and independence.
Ready to secure your future? Contact us today to learn more about how disability insurance can fit into your long-term financial strategy.