Making the case for disability income insurance with Millennials

When it comes to working with the Millennial Generation­—roughly those born between the early 1980s to the early 2000s—it’s important to remember they often navigate the world in a different way from previous generations.

Unlike their parents and grandparents, who may have worked at the same company for their entire careers, Millennials may be more accustomed to moving around from one job to another and may not have loyalty to a particular firm.

Because of this transiency, and the reality that every company has a different benefits package, Millennials may have a greater need for a financial plan that is distinct from a given employer, and that includes disability income insurance. 

They’ve also experienced firsthand the ups and downs of the economy and tend to be clear-eyed about the possibility of things not working out. As a result, many Millennials appreciate there is a need to have certain financial products themselves, rather than those intertwined with a company.

Because of the precariousness and competiveness of the job market, some understand intuitively that protection against disabling injury or illness may be necessary in a climate where someone can easily be left behind. 

Millennials also hunger for personal stories, as evidenced by the popularity of reality shows on television. And, like many clients, there is no better way to educate a Millennial about the need for DI insurance than by telling a story that illustrates how important it is in their lives.

This is something I understand and share first hand. When I was nine, my father was badly injured in a car accident and didn’t have DI insurance. He was left with over $1 million in medical expenses. My dad, who was in his mid-30s, lost his business as a commercial real estate broker and became completely dependent upon others. We lost our home; my parents drained their retirement income, and eventually, they divorced.

Had he owned DI insurance, our future as a family would have looked much different. My dad would have had some protection against his lost income and most likely would not have exhausted other savings and investment accounts.

My parents would have had a resource to help pay for critical items, such as our mortgage, utility and grocery bills, and other typical family expenses. Our family could have focused more closely on my father’s recovery, rather than coping with the added burden of extreme financial stress.  Ultimately our family may have remained intact.