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How Does a Benefit Update Compare to a Future Increase Option?

When you have an Own Occupation disability insurance contract, it is often advised to have an increase option on the contract so as your income and/or needs change, you can increase your coverage.

Some of the “Big Six” Own Occupation carriers have a Benefit Update which is also known as a Benefit Increase Rider or Benefit Purchase Rider; depending on the carrier’s contract. This video explains the differences between the types available to you.

There isn’t a right or wrong answer on these but be sure to talk with an independent broker to determine what type works best with your training schedule, your future income; all dependent upon your specialty.

Some of these riders have special rules and you want to be sure to have an ongoing relationship with your representation (your agent), so you don’t miss any mandatory requirements and/or anniversary windows.

Please let us know if we can help!

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How Does a Benefit Update Compare to a Future Increase Option?

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