Insurers are trying to get young consumers interested in protecting their incomes by coming out with individual disability products aimed at customers with lower incomes.
Standard Insurance Company, a unit StanCorp Financial Group Inc. (NYSE:SFG), said it will be courting young professionals who earn less than $75,000 per year.
The company will consider applicants such as hairstylists, electricians, administrative assistants, physical therapists, dental hygienists and registered nurses.
Steve Brady, an individual disability sales executive at Standard, observed in a statement that the “Great Recession” has emptied many younger consumers’ savings accounts.
“They often don’t have the reserves to withstand a disruption in their annual income,” Brady said.