Are rates for disability insurance different in different states?
To clarify: I own Guardian own-occupation disability insurance, which was initiated in California. Given a recent income increase, I am eligible to exercise a rider to increase my disability coverage. Are my premiums going to go up a different amount if I increase my coverage through my agent in CA than if I increase it through a different agent, say, in Ohio? Are these riders and insurance premiums nationally uniform for personal disability insurance plans through Guardian?
Public Comments
- Exercising the rider right should have the same premium increase no matter what agent performs the paperwork. Beware that often agents are licensed in only one state and cannot help you if you are in another state. Insurance rates do vary from state to state, this has a lot to with the State Insurance Regulations or lack of. There is a growing trend to us the Internet to purchase insurance polices, because they are cheaper. I can purchase the same insurance policy from the same company on line and save 30-50%--why? no agent fee. You have to weigh for yourself if the savings is worth the price to lose the personal touch of an agent--especially if you have a problem.
- Pricing differences in disability from state to state only occurs because of product availability. Since you would be exercising the rider on the same product, the state would have no bearing.
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