Future Purchase Options:
What is a Future Purchase Option?
This is a rider that allows you to buy more insurance in the future, without any medical underwriting.
Step One: Print the Checklist
Step Two: Select the Purchase Option That is Best For You: Future Increase Option/ Future Purchase Option
Step Three: Learn the Difference Between The Two Types:
FIO: Future Increase Options are available annually.
FPO: Future Purchase Options are available 1x every 3 years.
Example of how this works over a 6-year window of time:
FIO: This rider permits you to purchase additional coverage with only financial evidence of insurability on any policy anniversary. If eligible, you can select any increment up to the maximum you qualify for.
FPO: In years 3 & 6, you must submit your tax returns and follow carrier guidelines whether or not you are eligible financially. **Residents and Fellows – If you have a plan with a free increase option, you can increase in the year to transition to attending status**
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The Underwriting Process
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Ancillary Features (Extra Perks)
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Cost of Living Adjustment (COLA)
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Long-Term Care Awareness
