Disability Insurance Comparison Btwn

[insurancemet]

Hello,, I have become paralyze by analyzing and analyzing but this week for sure I am going to make a decision which company to join. I really don't have much choice to be totally independent since i am new.

My question between Mutual of Omaha and Guardian, which of these companies have a better disability coverage. My brother is in his 20s, he is a salesperson and wants to purchase this.

 

[wibroker]

It really depends on his needs. The Guardian plan is non-can (meaning rates can't be changed). All in all - a little better features with Guardian but both provide solid income replacement. Does he need a "Lexus" (Guaurdian) -equiv of a luxury DI product or a "Ford" (MoO) - good basic coverage? They are priced accordingly.

Hard to answer accurately without knowing his total needs.

 

[insurancemet]

Do you know which one is more expensive in general ? as far as most of their products in comparison with each other?

 

[VolAgent]

If you use price only to differentiate between DI policies, you are setting yourself up for a slam dunk E&O claim later on. All DI policies are not created equal.

Generally, when something costs more, there is a reason why. Find out the reason.

 

[wibroker]

Vol Agent is correct. Premium is guaranteed with a non-can policy (Guardian) - premium could rise on the Mutual of Omaha (only if they raise rates on everybody - that can't single anybody out as an individual). A lower priced DI product does NOT mean a future E&O claim. It depends on how many "bells and whistles" your client is looking for (basic coverage vs. every possible scenario covered - eg fully funding retirement plans if on claim, etc).

He is correct in that you need to review contract provisions - this is not term life where you can just pick the lowest priced product.