I only like pleasant surprises!

There are some surprises that just should not happen  – like having your disability insurance (DI) coverage change at the worst possible time.

With non-cancellable guaranteed disability insurance the premiums, benefits or features won’t change just because your circumstances change.

Non-cancellable coverage can be confusing for people familiar with group LTD coverage where their plan may change from time to time and where the benefit amount depends on your  income at the time of claim. I find there are three critical questions:

What if I…

1.            Have a decrease in my income?

A good disability insurance contract can’t change the monthly benefit. If a total disability occurs – the insurance company pays the full monthly benefit stated on the policy.

2.            Change occupations to something more hazardous?

Say you are an executive and become an expert Formula 1 racing car mechanic. The insurance company cannot change the occupation class, so you will continue to pay the same premium you did before.

3.            Am no longer working?

The policy cannot be altered. Even if you win the lottery, stop working, have no earned income and you  become disabled according to the provisions of the contract, you will be paid total or partial benefits, depending on your ability to perform the important duties of your prior occupation.

That’s the beauty of non-cancellable disability insurance. No surprises.