You need disability insurance to protect your most important asset… YOU and YOUR LOVED ONES!
You need medical coverage for the peace of mind for yourself and loved ones. No one wants to be responsible to pay expenses fro 10 years or longer after an illness or injury and no one wants to leave incurred charges to a family member to pay.
Premium increases are necessary because the amount of money received to the carrier should be more than the carrier pays out in expenses. Increases are usually based on the following things:
- Trend: the anticipated rise in the cost of health care
- Demographics: Country and State
- Age Brackets: Usually go in 5-year incremements
- Claims/Loss Ratio: Dollars received versus dollars paid in claims
In both cases the insured is responsible to pay the full amount of the premium to the business in a timely manner to keep the coverage in force.