Living a long and healthy life is something I plan on doing. Unfortunately, life doesn’t always go according to plan. Life happens. I can plan all I want and be as careful as possible, but sometimes things are just out of my hands. I’ve found that the older I get, the more often I go to the doctor. This is just life reminding me that I’m not invincible.
As an insurance broker, you worry about yourself and your clients. Because you never know what the future may hold, it’s important to educate clients about the need for disability insurance while they are young and healthy, and can qualify for the best rates and broadest coverage.
Although plenty of injuries and illnesses can be treated or cured, they still stay on one’s medical record and can have a negative effect on a disability insurance application. These effects may include exclusions, ratings, and even declines! Thankfully, the carriers understand that as one’s income grows over time, so does one’s medical history.
Before life gives you or your clients lemons, get a disability insurance policy with a Future Purchase Option (FPO) rider. Disability insurance coverage is an important component of anyone’s financial plan. The FPO rider can be easily added to most policies and will allow you or your client to increase the benefit amount on the current policy in force, without going through medical underwriting. Once you’ve provided financial documentation for the increased income, the carrier will allow you to increase the benefit amount.
There are plenty of ways to increase coverage without the Future Purchase Option rider. In the event that this rider is unavailable, you’re not out of options! Remember to look for an Automatic Increase rider. This is typically a non-cost rider that is built into most policies. While paying the premiums, on each policy anniversary, monthly benefits will increase. This rider keeps up with inflation before your client is on claim and the increase can vary from carrier to carrier. Keep in mind, with any benefit increase, the premium will increase as well.
Finding the best disability insurance coverage can sometimes be difficult, but it’s much easier with DIS by your side. Contact us to explore the options. We make it our mission to say YES even with medically-impaired and high-risk cases. At DIS, we want you to experience DI DONE RIGHT.