Last posted by disabilitycanhappen.org
Ah, to be a millennial. So young, so invincible … until you’re not. Regardless of your current vigor and vitality, it’s important to consider the possibility that you might not always be able to work. If you rely on working to pay the bills, to eat, and to just generally survive, you need to think about disability insurance.
If you’re skeptical consider this fact: More than one in four of today’s 20-year-olds will experience some sort of disability before they retire. Think about that. How would it affect you and your loved ones if you were suddenly unable to work?
Here are five reasons why even millennials in fine fettle should care about disability insurance.
Because Momma Loves You
Mom loves you. She’s proud of you. But she worries. She wishes you’d start planning for the future and making some grown-up decisions.
We can’t help you with Mom’s nudging about grandchildren, or moving closer to home, but we can help you display what a mature, responsible, wise adult you’ve become by protecting your future with disability insurance.
She’ll be so proud!
Because You’re Not Invincible
Even if you’re into the CrossFit, Fitbit, never-sit lifestyle, you are not invincible. We’re all just an accident or illness away from being out of commission for a long period of time.
And yet despite the serious potential consequences, millennials continue to “resist any kind of insurance.” It’s a shame because a little bit of planning and protection can go a long way to avert financial ruin.
Because Drake Does
We actually have no idea if Drake has made the wise decision to purchase disability insurance (you can’t count on making hits like “Hotline Bling” forever, Drake!), but we did just see a study that people are more likely to buy insurance when they see other people “like them” doing it. So be like Drake (or like Drake should be) and buy it too.
Because You Might Not Qualify for Social Security Disability
If you are holding off on purchasing disability insurance because you think you’ll be able to get Social Security Disability Benefits, you might want to reconsider. Social Security denies about 70 percent of all initial disability claims. Your age also plays a role in whether or not you qualify—and millennials are not at the front of the line.
To learn more about how Social Security determines who qualifies for benefits, click here.
Because Disability Insurance Protects Your Most Important Asset—Your Income
“It’s better to be safe than sorry” might be a cliché, but that doesn’t make it untrue. Even if you are an exceedingly cautious person who has enjoyed robust health, you never know when you might need disability insurance to cover a short or long-term absence from work. It can be a lifeline in your time of need and get you through a period without a paycheck.
If you’re working, please, go speak with your employer to see what disability insurance coverage they offer. You can also check our list of member companies and speak with an insurance agent who can walk you through the process of purchasing individual disability insurance.
No matter what age you are, it pays to have peace of mind.