Generation Y Workers Lack Disability Insurance

By  //  December 6, 2013

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BREVARD COUNTY • MELBOURNE, FLORIDA — Approximately two-thirds of surveyed Generation Y workers ages 21 to 31 are very concerned about their family’s financial security if the principle wage earner is unable to earn an income due to illness or injury.

This may not be surprising given that nearly half this demographic admit they are living paycheck-to-paycheck.

However, the situation is even more precarious because only about half of Gen Y workers surveyed say they have any income protected with disability insurance, according to research collected for MetLife’s 10th Annual Study of Employee Benefits Trends.

A study found that only about half of Gen Y workers have income protected with disability insurance ( image)
A study found that only about half of Gen Y workers have income protected with disability insurance ( image)


“A disability is not selective – it can happen to anyone, at any time. If you have people who depend on your income — or if you depend on your income — you need disability insurance,” said Nicki Biamonte, Financial Services Executive at MetLife in Melbourne.

Even among those Gen Y workers who do have coverage, there is a need to ensure that coverage amounts are adequate.

Among those surveyed that do have disability insurance, 40 percent are not sure what percentage of their income is covered. A good rule of thumb is to buy enough disability insurance to protect 60 – 80 percent of after-tax income.  This would cover essential monthly expenses, yet it is important to do a personal needs assessment.


About seven in ten employers offer some type of disability insurance coverage, according to the MetLife research, and as a first step, employees are encouraged to learn what is available through the workplace.

“If disability insurance coverage through the workplace is nonexistent or not enough, consider supplementing this coverage with an individual disability income policy,” said Biamonte.

In addition, Biamonte suggests the following:

  • Perform an annual review.  Conducting an annual financial review that incorporates all insurance policies can uncover any gaps in coverage. Since a year can bring significant changes—marriage, children and home ownership, among them— it is important for employees to make adjustments in coverage options that accurately cover each of their life stages.
  • Ask for advice –MetLife research found that only about half (53 percent) of Gen Y workers surveyed feel very confident in their ability to make the right financial decisions.  Whether people prefer talking with a financial advisor or performing research on their own, there are a number of options available to help them make the best choices for their individual situation. Some employers offer financial planning as part of a voluntary benefits package or financial wellness plan. Workers can also take advantage of numerous online calculators to help determine if they have the proper levels of coverage.


Nicki Biamonte
Nicki Biamonte
Tom Wilson
Tom Wilson

Nicki A. Biamonte and Thomas C. Wilson have more than 32 years combined experience in the financial services industry. 

They focus on helping individuals and business with insurance protection, through Life, Disability Income Protection, and Long Term Care Insurance.  Nicki and Tom also concentrate on investment strategies, retirement planning, 401k rollovers, and tax saving strategies. 

Their office is located at MetLife, 150 Interlachen Rd., Melbourne, Florida 32940. MetLife, Inc. is a leading global provider of insurance, annuities and employee benefit programs, serving 90 million customers. 

Through its subsidiaries and affiliates, MetLife holds leading market positions in the United States, Japan, Latin America, Asia, Europe and the Middle East.

For more information, reach Nicki Biamonte at 321-610-9906, via email at or online at  Tom Wilson can be reached directly at 321-610-9915 or via email at