It’s no surprise! The end of the year is approaching us quickly, and the last thing you need is another item on your To-Do list. However, there are a few trends we have picked up on concerning changes in disability insurance policies in the new year, and we want to share them with you.
The new year is a great time for change and growth opportunities. While we are all setting our New Year's Resolutions, many businesses also have some goals up their sleeves.
In 2019 we are expecting to see new disability insurance policies and pricing become implemented as soon as the first of the year. We also are anticipating new discounts (or discounts removed altogether) to replace some old unisex policies.
THE BAD - PRICE CHANGES USUALLY MEAN MORE EXPENSIVE
While new discounts may seem promising, price changes usually only go one direction: up!
In the past, we have seen a few companies get rid of their unisex pricing towards the beginning of the year resulting in higher rates for women by 20% or more, as well as an increase in male policies as well.
THE GOOD - DOCTORS ARE ABLE TO GET COVERED FOR MORE
We’ve also seen some companies make positive changes, like increasing the amount of coverage you can get without a physical and adding flexibility to the choices of features. However, this also means that they could go the opposite way in any of these areas if they choose to.
While some of these changes can be beneficial, the majority could end up costing you more money. To protect yourself and your money, it is best to check out your disability insurance options now to be sure that nothing changes while the current policies are in effect.
The uncertainty of possible changes in 2019 could end up costing you.
WE ARE EXPECTING WHAT WE HAVE SEEN IN THE PAST TO BE CONSISTENT.
So while waiting may seem like the easiest option, we encourage you to get a quote before the end of the year to lock in your 2018 policy pricing!
We hope that this information will help you to make the right choice for yourself and your future while we are quickly approaching the New Year.
If you have any questions, please let us know, we are always here to help!