Disability insurance is another voluntary benefit that can give employees the peace of mind that their bills will be taken care of when tragedy strikes. However, a number of younger employees don't give much thought to disability insurance as they often feel they're untouchable.
Here are 3 compelling reasons why employees should seriously consider disability insurance when they're young:
1. You're 4 times more likely to become disabled than die before the age of 65.
A 25-year-old employee has a 58 percent chance of becoming disabled for 3 months or longer at some point in his or her working career. Even more alarming, there is a 38 percent chance that the disability could lead to 5 years or more out of the office. In other words, there's a very real possibility for younger employees to be affected by a disability at some point in their careers. Disability insurance can help to minimize the financial burden that would come along with this disability.
2. Disability insurance can help you pay the bills.
Unless an employee is independently wealthy, it's going to be very difficult to pay the bills if he or she is unable to work due to a disability. When employees are dealing with an injury that has caused them to become disabled, they are already facing enough stress. Disability insurance can help to relieve some of this pressure by offering some financial relief to go towards the growing pile of bills.
3. An employee does not have to become injured on the job to be facing a disability.
For some reason, many employees have the misconception that the only way that they could become faced with a disability is if they work a dangerous job and become injured in the workplace. This couldn't be further from the truth. Employees can easily become hurt outside of the workplace, and they also have the risk of becoming disabled due to a serious illness that prevents them from doing their job for an extended period of time.
As you can see, younger employees can benefit just as much as other employees in your workforce from disability insurance. By taking out a disability insurance policy, employees can at least have the peace of mind that their basic expenses will be taken care of until they are well enough to return to the workplace.
Since there seems to be so much uncertainty as to whether younger employees need disability insurance, covering this topic in employee benefits education and explaining how disability insurance can help to minimize the financial burden in the wake of tragedy is a smart move for employers.
To learn more about disability insurance and the advantages that it can offer to your employees, please contact us at Summerlin-Roberts.