You’re Not Too Young for Disability Insurance
Long Term Disability
Disability insurance is especially important for young people beginning professional careers.
As a young professional, you have a lot on your plate: pursuing a career, moving away from home, repaying student loans, and saving for retirement. But what you may not know is that protecting your future income is critical to ensure you can accomplish all of these financial goals, even in the event of a disability.
Discounted Income Protection Plans
Our individual plans provide coverage in the event you’re too sick or injured to work or to care for your family. Own and keep your policy, even if you change jobs.
Gen Z and Millennials Need Income Protection
Disability insurance is often called “income protection” because it replaces a portion of your income if you’re too sick or injured to work. You may think that income protection is only valuable for professionals who are further along in their careers, but the reality is that those just starting out have longer-term earning power, making income protection even more essential. In fact, your ability to earn an income is probably your most valuable asset—more significant than a house or a retirement plan.
Why Don’t More Young People Have Coverage?
You may not think you need it. Many of us underestimate the chances of becoming disabled. Musculoskeletal disorders and injuries such as fractures, sprains, and strains are the most common reasons for long term disability claims, followed by cancer and mental health issues.2 Your chances of becoming disabled may be much higher than you realize.
You may think coverage through work is enough. Employer disability insurance is a valuable perk, but it’s often not sufficient as there are tax implications and limitations on benefit amounts, the length of time you’ll be protected, and the policy flexibility.
You may not understand the complexities or the cost. Disability insurance is one of the most complex types of insurance, making it easy to put it off. You may also assume it’s expensive, however the sooner you purchase coverage, the less expensive it is.
Why You Should Consider Coverage Now
The cost of your coverage depends on your age, occupation, income, and any health conditions you have—and it will increase each year you wait. There are options designed for those just starting out. For example:
- A Student Loan rider can cover your student loan payments, which could prevent you from defaulting on your student loan debt should you become disabled.
- A Benefit Increase rider provides opportunities to increase coverage as your income and responsibilities grow—without medical underwriting.
- An Inflation rider can provide for Cost of Living Adjustments that allow your benefits to keep pace during inflationary periods.
Disability insurance can be confusing, but it’s important to protect your future income now. Our Advisors are available—at no cost—to educate you, provide options, and help you secure coverage.
1,2 Council for Disability Awareness, Disability Statistics, September, 2022
