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Do You Need an Inflation Rider on your Own Occupation Disability Insurance Contract?

With inflation being a huge focus for us in 2022, do you really need the COLA rider on your disability insurance policy? It is great to get insight from an attorney’s perspective!

In this video, my guest Ethan Abramowitz and I discuss Own Occupation Disability Income Insurance Contracts again. But this time, we have a larger focus on the COLA rider = Cost of Living Adjustment Rider as well as the Future Purchase Options.

Quick Definitions:

COLA riders would allow for your monthly benefits to keep up with inflation if you were on a total disability claim.

Future Increase Options have a cost associated with buying the rider.
-These are available annually.
-Not every carrier offers this type of rider.

Future Purchase Options may also be called:
-Benefit Updates
-Benefit Increase Riders
-Benefit Purchase Riders
These are typically every third year and have no costs associated.

If you have a question for Ethan, you can reach him here:
Website: SeltzerLegal.com
Email: [email protected]
Phone: 215-735-4222

Articles for reference:

https://www.seltzerlegal.com/blog/healthcare-professionals-mental-nervous-long-term-disability-claims-jumped-in-2020/

https://www.seltzerlegal.com/blog/how-erisa-may-affect-your-long-term-disability-benefits/

https://www.seltzerlegal.com/blog/physician-burnout-factors-and-consequences/

Thank you for listening!

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Do You Need an Inflation Rider on your Own Occupation Disability Insurance Contract?

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