A common question we’re asked is, “Once my specialty disability policy is issued, can the insurance company ever cancel my policy or raise my rates?”

With the top-tier disability insurance companies we broker, policies cannot be cancelled and premiums cannot be increased by the company. This is commonly referred to as a non-cancelable policy and is typically the most desirable long-term approach. Another type of policy is called guaranteed renewable, which means the insurance company cannot cancel the policy, however they do have the right to raise the premium for an entire occupation classification in the future.

It’s important to know that with many association and group disability policies, the insurance company can actually cancel the policy at any time in the future. Furthermore, they could also raise the premium and/or remove discounts at any time as well. It’s wise to confirm your policy is non-cancelable or at least guaranteed renewable. If it isn’t, it might be worth exploring a better option.

To be sure your specialty coverage is what is needs to be, please give us a call or text us at (704) 707-5788.