How Frequently Can I Increase my Coverage Through the Benefit Increase Rider or FIO?

In this episode of the Cover Your Assets podcast, host Billy Gwaltney discusses the importance of understanding coverage increase options for physicians, particularly those transitioning to attending status. He explains the Future Increase Option and the Benefit Increase Rider, detailing how they work, their requirements, and the significance of maintaining adequate coverage as income rises. The episode emphasizes the need for proactive management of disability insurance to ensure financial security and protection for physicians and their families.

Takeaways:

• Understanding coverage increase options is crucial for physicians as income can significantly increase during the transition to attending status. Riders allow for coverage increases without additional medical screening.

• The Future Increase Option allows for timely coverage adjustments. Exceptions can be made for off-anniversary increases in coverage.

• The Benefit Increase Rider has specific requirements for maintaining coverage. For example, increasing coverage by at least 50% is necessary to keep riders active.

• Regularly updating income with insurance carriers is essential.