Millennials & Disability Insurance: Highlighting the Need During Disability Insurance Awareness Month
Millennials and Disability Insurance
According to Cornell University, about 13% of the U.S. population is disabled. The fact that one in 10 people can qualify as disabled conveys the magnitude of how prevalent disabilities are in our society.
That is to say: a disability can happen to anyone. May is National Disability Insurance Awareness Month, meant to help educate the population on the prevalence of disabilities, and how insurance can protect them in the event of the unthinkable. For young people, it’s difficult to imagine that they could be affected by disability, but life is unpredictable, and a tragic accident or illness could instantly make it impossible for an able-bodied person to perform their job duties.
Disability Insurance Awareness Month is crucial to educate the young workforce. Millennials (approximately aged up to 35) generally don’t have an interest in disability insurance for a variety of factors. Most of all, many believe that it “won’t happen to them.” However, given their susceptibility to disability (Just over 1 in 4 of today’s 20 year-olds will become disabled before they retire), it’s vital to know the benefits of financial protection with disability insurance.
Why Many Don’t Have Disability Insurance
The young workforce is gradually moving into tech positions – website development, tech start-ups, administrative work, etc. These work environments don’t present the overt danger that, say, a warehouse or factory is associated with. For this reason, millennials are less likely to think about purchasing disability insurance, but the risk of disablement is present in any work environment. Many young tech workers also face the high risk of carpel tunnel syndrome, which, if severe enough, can prevent a person from performing their job duties. What’s more, disabling accidents and injuries are common outside of the workplace as well. In fact, 90% of disabling injuries occur outside of the workplace, meaning that workers’ compensation isn’t a viable option for protection. 
Another reason why the young work force doesn’t purchase disability insurance is increasing financial hardships that they already face. According to the Council for Disability Awareness, 35% of millennials find it difficult to meet expenses every month, or are living paycheck to paycheck. Additionally, 80% have less than $5,000 in emergency savings, an amount that would only cover two months in expenses if an accident left them unable to perform job duties. With their finances so stretched, it’s difficult for millennials to consider contributing more of their income to another insurance policy. However, what young adults should consider is that affordable disability insurance is available, and signing up for a policy can prevent a world of headaches should a disability occur.
Why Millennials Should Consider Disability Insurance
35-year-olds face a 50 percent chance of suffering a disability for a period of 90 days or longer before the age of 65, and a typical millennial would lose a significant amount of income if they solely relied on Social Security Disability Insurance.
One of the focuses of National Disability Insurance Awareness Month is to help millennials recognize their beneficial position. For example, disability insurance is much easier to obtain and more affordable for a young person. As we get older, we experience more health issues that can lead to higher premiums.
Also, disability insurance protects young couples who depend on two incomes—a situation that is now commonplace. Purchasing disability insurance can help young adults ensure that they can maintain their current lifestyle following accident or illness.
Life happens. It only takes a second for a young and able-bodied person to suddenly be unable to perform their jobs. Don’t let this happen. Take the opportunity to research all of your options during Disability Insurance Awareness Month, and get started with a quote on ProtectYourIncome.com.