One type of insurance that gets neglected more so than others is long term disability insurance, which provides income should you become disabled and cannot work.
One of your biggest assets is your ability to work and earn a living over your lifetime, and not having disability insurance while you are in your 20s and 30s can be extremely risky.
Many people will pick up life insurance, which covers you if you die, but disability insurance covers you if you are not working.
“What are the effects for millenials on their income of not having disability insurance?”
- Average student loan debt totaling $29,400
- One in four 20 year olds will experience a long term disability during their career
- Higher salaries coming from new doctors / lawyers expose them to less income protection
- Income obligations of yound adults such as loans, rent, bills, etc. could disrupt your income
- Serious claims from mental illness / depression on the job, cancer, back / neck pain, fractures, muscle tears, and car payments can seriously alter your lifestyle to cover expenses of a lost paycheck
- Being stricken with cancer and having to undergo months of debilitating treatment such as chemotherapy could make you be out of work for a year or more
The final effect would be running out of money and moving back with your parents.
An important note is that the number one disability claim among women is pregnancy and mental health issues including stress, anxiety, and depression are among the fastest growing categories of disabilities.
Disability insurance gives you income protection by sending you a check each month to cover any cancer expenses while you recover.
The Social Security Administration estimates the average 20 year old worker faces a 3 in 10 chance of being disabled at some point before the age of 65.
You should be able to secure a policy through your employer if you are traditionally employed while people that are self-employed will have to take out an individual policy.
You can also supplement your employer’s policy by buying private policies, which some people prefer to do, as with some people who claim dependents.
Protect yourself while protecting your income! Let Medical Solutions NY help you choose the best disability plan to fit your needs.