Many articles have been written in Medical Economics, Private Practice, Money Magazine and Consumer Reports to help the consumer make an informed decision regarding their disability insurance purchase. These articles strongly suggest that you purchase a contract/policy that is Non-Cancelable and Guaranteed Renewable. Let’s discuss what these provisions mean.Non-Cancelable and Guaranteed Renewable to Age 65 – Until you reach age 65, your policy cannot be canceled, premiums cannot be increased, and restrictions cannot be added, as long as you continue paying premiums as due.
We believe contractual guarantees are of the utmost importance.
So what does this mean? The insurance company cannot raise your premiums, cannot change the contract language/definitions or make additional restrictions through age 65. When compared to Association plans that can (and do) raise your premiums , can change contract language/definitions, and can terminate your coverage, contractual guarantees are of the utmost importance.
Please request a quote where we can discuss how to build a sound contract/policy for you.