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Millennials don’t understand importance of disability insurance

When it comes to disability insurance, many baby boomers have come to realize that this is something they need. On the other side of things, the same cannot necessarily be said for those in other age groups.

A large portion of the millennial population is unsure of what disability and life insurance can do for them. Rather than purchase coverage when they need it the most, they continue to put this off because they don’t understand how important it is to their future.

According to a recent survey conducted by The Hartford, many people in this age bracket are missing out on the benefits of protecting their future through this type of insurance coverage.

The study shows that millenials often times correlate getting married and having children with the need to purchase voluntary insurance, such as life and disability. For this reason, 64 percent of the 500 people surveyed noted that starting a family calls for the purchase of life insurance. Of the same people, 43 percent believed that they should purchase disability insurance when starting a family.

This is a growing concern, as it means that many people in the younger generation do not have the insurance coverage they need. Human resource professionals are in position to educate these people about the importance of the benefits of life and disability insurance.

In the event that long term disability is provided through an employer, a denied claim is not out of the question. This is when hiring an employment law attorney is a step that the injured or ill party may want to consider.

Source:  Employee Benefit News, “Millennials clueless on need for life or disability insurance: survey” Michael Giardina, Feb. 21, 2014

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