How to Increase Your Physician Disability Insurance Coverage Without Medical Underwriting
Updated: Sep 16
Have you ever wondered if there is a way you can increase your physician disability insurance coverage without going through another finger prick or by providing a urine sample? Condsider the Future Increase Option Rider and/or the Future Purchase Option Rider (name dependent on carrier but they are one in the same). It can help because it permits you to increase your physician disability insurance benefits without having to go through medical underwriting.
This a great Rider for those who know their incomes might increase in the future.
How it Works: Subject to specific conditions, increases may occur either on each policy anniversary or off-anniversary. The total amount of all increases may never exceed the amount purchased under the FIO/FPO.
Now, you might be thinking, “Am I buying something more than just the ability to increase my coverage without a medical exam?”
That answer is yes. With the Future Increase Option / Future Purchase Option, you are buying a guarantee that when you go to increase your coverage, you will be able to access the same rates as your original policy. Carriers frequently change their rates, so this rider allows you to have access to the same rate structure as the base policy.
This a great Rider for those who know their incomes might increase in the future. You can lock in the lower rates at your current age and health status, and then take advantage of the opportunity to increase your physician disability insurance coverage later down the road as your income allows.
Whether you are just starting out your medical career, or maybe you know you’re going to get a significant bonus and/or salary bump in the future, purchasing this Rider makes sense financially.
To learn more about this Rider and others that might fit your specific needs, please contact us today.
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