What Happens to my Disability if the Benefit Increase Rider is Removed?

In this episode of the Cover Your Assets podcast, host Billy Gwaltney discusses the intricacies of disability insurance, particularly focusing on the benefit increase rider. He explains its significance, the consequences of not maintaining it, and shares a real-life example of a physician who faced challenges after losing coverage. The conversation emphasizes the importance of understanding insurance details and making informed decisions to ensure financial security.

Takeaways:

• The benefit increase rider allows for increased coverage without medical screening.

• Failing to update income can lead to losing the benefit increase rider. Reapplying for coverage after losing the rider may involve medical evaluations.

• If the rider is removed, the base policy remains unchanged.

• It's crucial to increase coverage as income rises to avoid financial exposure.