As the first digitally native generation in history, millennials know frequent updates are a part of life, whether for new operating systems (OS), push notifications, or social media posts. Now as millennials gather momentum in their careers and begin building families, forecasters predict that their ability to adapt to new circumstances will be crucial for long-term success.1
At the same time, the era of updates has given people a sense that change always means a step forward. But change can go both ways — it can bring setbacks, as well. We guard ourselves against some misfortune through health insurance and other financial protections. But what happens when you’re hitting your stride in your career and, slowly or suddenly, you find yourself unable to work because of illness or injury?
This break in your earning power can have a long-term effect on your financial well-being. Now, maybe, as a young and healthy millennial, it’s easy to think: That won’t happen to me.
Again, in the spirit of updating, it’s time to refresh the thinking here.
Most employer-funded plans will replace only 40 to 60 percent of your income. What does that look like? Imagine 60 percent of your home, your dinner, or your gas tank disappearing in a blink. Furthermore, the average disability claim lasts for over two and a half years. It can be difficult to do without income for such an extended period.
There is a way to protect your income, even if these kinds of changes come your way. Individual disability income insurance can protect a portion of your income to help you live more confidently now, and cover you for the future.
2018-59998 Exp. 05/2020
SOURCES:
[1] PWC, Workforce of the Future: The Competing Forces Shaping 2030, 2017
[2] U.S. Social Security Administration Fact Sheet, June 2017
[3] Council for Disability Awareness, Long-Term Disability Claims Review, 2014
[4] Council for Disability Awareness, Long-Term Disability Claims Review, 2014
[5] Georgetown University Center on Education and the Workforce, The College Payoff: Education, Occupations, Lifetime Earnings, 2011
[6] CNN Money, Intuit: Gig Economy Is 34% of US Workforce, May 24, 2017