Can my long-term disability insurance premiums increase?

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PolicyGenius Admin

PolicyGenius Admin

Blog author PolicyGenius Admin

Updated  | 1 min read

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The cost of some long-term disability insurance policies can increase over time. However, if you have a non-cancelable policy, the insurance company cannot increase your premium or cancel your policy. Everyone should get a non-cancelable policy so that their policy doesn't get costlier over time, especially because disability insurance gets more expensive every year that you age.

If you don't have a non-cancelable policy, as you get older your premiums can increase. This is because risk of a disability increases with age and thus the cost to insure you increases. But raising rates requires regulatory approval (meaning the insurer can't do this arbitrarily or on a specific person). Again, a non-cancelable policy will enable you to avoid these premium hike situations.

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