As a physician’s income grows, disability insurance coverage may need to grow with it. The Benefit Increase Rider is designed to make that possible.
In this FAQ, disability insurance specialist Billy Gwaltney explains how a Benefit Increase Rider can allow physicians to increase their disability insurance coverage later in their careers as their income rises. When structured properly, those increases can be made without going through additional medical screening, while preserving the trainee discounts secured when the original policy was purchased.
Key Topics
- What the Benefit Increase Rider is
- Why physicians may need more disability coverage as their income increases
- How the rider can allow coverage to grow later in a physician’s career
- Increasing coverage without additional medical screening
- Keeping trainee discounts on future coverage increases
- Why the Benefit Increase Rider is an important feature to consider when buying a disability policy
Key Takeaways
- The Benefit Increase Rider allows eligible physicians to increase disability coverage as their income grows.
- When properly structured, future increases may not require additional medical screening.
- Trainee discounts secured when the original policy is purchased can carry over to future increases.
- The rider can be especially important for residents and fellows whose income is expected to rise substantially after training.
- Physicians should understand how their Benefit Increase Rider works before they need to increase their coverage.
