Many insurance companies have had success selling disability insurance to consumers who do not receive any coverage through their employer. This is particularly true among the older generation. However, millennials, those in the 18 to 35 age bracket, are not as excited about purchasing this type of coverage.
In addition to our California readers, there are people in this age group living in every state throughout the country. Thanks to the Affordable Care Act, a growing number of consumers, especially millennials, are beginning to realize the importance of personal responsibility.
Insurance companies selling disability insurance are beginning to realize the importance of focusing on this age group. Despite the fact that these consumers are known for being skeptical about insurance, a growing number are beginning to take responsibility and realize that they may need to purchase coverage.
From the perspective of insurance companies, this is a group to focus on thanks to its size, as well as the fact that the need for disability insurance is greater than ever before. This is particularly true since not all companies offer this type of coverage. A check with a person’s employer can provide information on whether it is available through the employer or if the employee will have to outside of his or work for this insurance.
With a growing number of millennials realizing the importance of being personally responsible for their insurance choices, insurance companies are in position to sell to these consumers at a higher rate.
Anybody with disability insurance who is facing a denied claim needs to get serious about figuring out the issue without delay. Contacting an attorney is often times the first step in resolving any issue and helping the person receive the benefits they deserve.
Source: Insurance Business America, “Millennials present opportunity for disability insurance in ACA era” Caitlin Bronson, Dec. 19, 2013