A common question we’re asked is, “What is a future insurability option?” A future insurability option is a rider on a disability policy that allows you to increase your coverage in the future as your income increases. Structured properly, this rider gives you the right to this additional coverage without any further medical underwriting.
In addition, this additional coverage should contain the same specialty occupation definition of disability as the original purchase amount. And lastly, any discounts contained in the original purchase amount should also be included in the future insurability amounts.
While the future insurability option rider can add to your policy’s cost, it’s highly advisable to include this rider in your policy if it’s available. Over the course of your career, it’s important to have the ability to easily increase coverage as needed regardless of your health at that time.
To be sure your specialty coverage contains the future insurability option, please give us a call or text us at (704) 707-5788.