The value of disability insurance for all generations

Everyone has high hopes for what the new year will bring. Regardless of a client or employee’s generation, everyone is susceptible to an accident or a prolonged health condition. If someone is diagnosed with an illness or injury, becomes disabled, or requires a leave of absence to care for a relative, it is important for their income to be protected to sustain their current lifestyle.

The three most prominent generations in the workforce — baby boomers, Gen Xers and millennials —share a rising tide of financial concerns. A combined total of 71 percent of employees worry about lost wages if they can’t work. And 52 percent are concerned about support if they become disabled, according to a proprietary employee benefits research study by The Standard. But each generation has different interests and values, influenced by economic currents from when they came of age.

Having insight into what motivates people can help you better start the conversation about the need for disability insurance, which can provide clients with crucial income protection, which can go a long way to prepare them and their financial plan for the upcoming year.