Does the Benefit Increase Rider Expire?

In this episode of the Cover Your Assets podcast, host Billy Gwaltney discusses the benefit increase rider in disability insurance policies for physicians. He explains how this rider allows for increased coverage without redoing medical screenings, the importance of regular income updates, and the limitations regarding age and eligibility for increases. The conversation emphasizes the need for physicians to stay informed about their policies to ensure adequate coverage throughout their careers.

Takeaways:

• The benefit increase rider allows for future coverage increases. Increases can occur every three years or sooner with life events.
• Regular income updates are crucial to maintain the rider as failing to update income can lead to the rider being removed.
• Eligibility for increases typically ends at age 50 or 55 though it's essential to check policy details for specific terms. Your broker can help you understand the specifics to your policy.