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Why 'Generation Y' might want to pay for disability insurance

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Paying for disability insurance is likely close to the bottom of the list for young professionals these days. It is hard enough to find a job that pays enough to support oneself, a family and to pay back the student debt that so many young workers and families owe. Why would paying for disability insurance be a high priority?

According to an insurance research firm's 2010 study, only about 25 percent of people ages 25-44 have disability insurance. That means that many workers and families are at risk of financial difficulty should illness or other disability strike, leaving someone unable to work.

Sources report that life and insurance disability companies are targeting young professionals, more specifically "Generation Y." Sure, more people paying into insurance coverage is good for the insurance business, but disability insurance also is an important safeguard for workers who value financial security.

Another reason why young professional might not be as likely to pay into a group or individual disability insurance fund is because they tend to think that they are young, healthy and unlikely to get hurt. When hired at a company, they put more focus on benefits such as medical and dental insurance, knowing that they will at least have regular medical and dental costs over the course of a normal year.

Based on the number of young adults who buy insurance, it seems that about only one out of four takes the risk of injury or illness seriously. The monthly payments toward insurance might seem like a burden, but not having any income should a disability become reality would be a more stressful burden.

Of course, paying into an insurance policy doesn't necessarily mean that a claimant will get what he wants and deserves should the time of stress come. That's when it is important to rely on the help of a knowledgeable insurance lawyer.

Source: Hartford Courant, "Insurers Providing Life, Disability Coverage Court Young Professionals During Benefits Enrollment," Matthew Sturdevant, Oct. 20, 2012

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