Disability Insurance Makes Sense at Every Age
A new study suggests that millenials aren’t the smartest cookie when it comes to understanding voluntary insurance options through their employers such as long-term disability insurance (LTD), which can cover up to 60% of your annual salary if you become sick or disabled.
Well, if there’s one thing that “invincible” twenty or thirty-something do know it’s texting. If you’ve ever tapped “Y-O-L-O” into your phone to tell a friend that “You only live once,” then it’s a piece of cake to understand the reasons why long-term disability insurance is such a smart move while your young.
Y.O.L.O. Explains Why You Need Disability Insurance
Y-OUTH might be on your side today, but don’t kid yourself. You’re not “invincible!” No one – even you – is a superhero, and only one car accident or sudden illness could prevent you from working and being able to pay your bills. Not so fun fact: As of Dec. 2012, more than 2.5 million disabled workers were in their 20s, 30s and 40s, according to the Social Security Administration.
O-BLIGATIONS for millennials (read: huge student loan payments!) put today’s young professionals at even greater risk for financial collapse if they get laid up. One day you’re running a marathon and the next your diagnosed with a rare heart condition that requires surgery and a 6-week recuperation period. How are you going to come up with the $150 – $300 average payment to cover your student loan? All the bank cares about is your ability to pay, and with an affordable LTD you’ll be able to heal without the anxiety of defaulting and the huge fees that come with it.
L-IFE is long, and statistics show that 1 in 4 workers will become disabled before they reach retirement. Betting that you won’t be in the 25% is quite a gamble when your ability to pay your rent/mortgage, health insurance deductibles, food and other bills is on the line.
O-NE PAYCHECK is all that separates you from the street if you’re among the 76% of American who live from payday-to-payday with no emergency fund or savings account. Sure it’s scary to think about, but for only a few dollars a month for LTD you can put a financial safety net in place.
And you thought “Y-O-L-O” was just a fun thing to text. If you’d like to find out more about long-term disability insurance, just drop us a line or give us a call at (630) 960-4848.