The Ameritas Benefit Increase Rider allows physicians to increase their disability insurance coverage as their income grows without going through a new medical questionnaire. Increased coverage keeps the same discounts and specialty-specific definitions included in the original policy, while premiums adjust based primarily on the additional benefit amount and the physician’s age at the time of the increase.
Billy Gwaltney also explains why physicians need to stay on top of the rider’s review requirements. Ameritas generally requires income information every three years, and failing to provide it can eventually cause the Benefit Increase Rider to be removed. Physicians may also be able to increase coverage earlier when income rises substantially or employer benefits change.
The episode also covers minimum increase requirements, maximum available coverage, and an Ameritas-specific advantage for physicians who move to a higher-cost state such as California. For qualifying increases, Ameritas bases the rate on the state where the original policy was purchased rather than the physician’s new state.
Key Takeaways
- The Benefit Increase Rider can allow physicians to increase coverage without new medical underwriting.
- Future increases keep the same policy discounts and specialty definitions.
- Income information generally needs to be updated every three years to keep the rider active.
- When increasing coverage, physicians may need to accept at least 50% of the maximum available increase to preserve the rider.
- Coverage can sometimes be increased before the three-year review if income rises by 30% or more or employer disability benefits change.
- Ameritas allows total private coverage up to $30,000 per month in some policies, while GSI policies may be limited to $15,000 per month.
- Once a disability claim has been filed, coverage cannot be increased.
- For some policyholders who later move to California, Ameritas can base future increase rates on the state where the policy was originally purchased.
