Often called the Boomerang Generation or the Peter Pan Generation, Millennials seemingly delay certain rites of passage into adulthood – most notably leaving the nest. According to the Pew Research, 36% of 18-31-year-olds were living in their parents’ home in 2012!

Some believe that Millennials are entitled and narcissistic, the products of overly protective “helicopter” parents who constantly drummed self-esteem into them. Others think they’re tuned out and out of touch since they spend a good chunk of their lives online.

Whatever your opinion, one question remains: Are Millennials good prospects for paycheck protection? The insights below might surprise you!

Get to know (really know) the Millennials.

Born between 1977 and 2000, there are more Millenials than Baby Boomers living among us. Some estimates say there are 105 million Millennials, representing more than 25 percent of the U.S. population.

But how accurate are all the negative stereotypes?

Dig a little deeper into this demographic and a very different picture starts to emerge. In fact, millennials are quite ambitious. They’re highly educated, self-confident, and more “connected” in many ways than previous generations because of their willingness to embrace technology. They shun the status quo, believe in causes, and want to change the world. And the ones still living with their parents are generally doing so for economic reasons – declining employment rates, rising college tuition, and declining marriage rates – not because they’re lazy. It seems that Millennials may be getting a bad name from Boomers, who tend to be critical of differences in younger generations.

Why do they need disability insurance?

Like any other generation, many Millennials are breadwinners and face the risk of disability caused by injury or illness. Also, a rising number of disability claims are being made due to anxiety and depression. This is significant because according to a study commissioned by the American Psychological Association, millennials are stressed out! In fact, they’re the most stressed of all demographics.

Isn’t disability insurance a hard sell for millennials?

Not necessarily. According to analysts at LIMRA, a worldwide association of insurance and financial services companies located in Windsor, Connecticut, these recession-hardened workers value disability insurance benefits offered in the workplace more than most insurers and employers realize. MetLife Inc. in New York also surveyed young workers and found that 65% of millennials have real fears about the possibility of a principal wage earner not being able to work. And they don’t want to lose their independence or go deeper into debt. Millenials are known as good money savers and it’s likely that if they see the need to be prepared with money, they may also want to be prepared with the right disability insurance.

Take a closer look: Millenials are open to the paycheck protection conversation.

Marketers have been buzzing about millennials for years, with good reason. Millennials have a collective spending power of around $200 billion a year. But beware – millennials have grown up being continuously marketed to, so their radar is naturally tuned in to any “too good to be true” claims. And with their digital connectivity, they do their research.

Despite some negative stereotypes, Millennials have a steadfast confidence both in the future and in themselves.

As the millennials boldly and fearlessly leap into their future, you have a real opportunity to build those relationships, tap into their financial fears, and help them achieve the financial security they need to reach their lofty goals. After all, most of them are fiercely independent at heart, and the last thing they want is to be forced to move back in with their parents.

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