Future Increase Option or Guaranteed Insurability Option – (AKA – Benefit Update) – Allows the insured to increase the monthly benefit in the future without the need to show proof of medical insurability, but will need to show proof of financial insurability to justify the increase.
Residual & Recovery Benefit – Allows a partial benefit payout in the event of a loss of income due to a partial disability. The monthly benefit payout will be proportionate to the amount of income lost due to the partial disability.
Cost of Living Adjustment – While you are receiving monthly benefits, your payments are adjusted to keep up with the pace of inflation. Typically between 3% and 6% with simple or compounding inflation (dependent on carrier).
Automatic Increase (AKA – Future Benefit Increase) – Automatic monthly benefit increase for the initial years of the contract (typically at no extra cost).
Social Insurance Substitute Rider (SIS Rider) – This can be a portion of the Monthly DI Benefit that works in conjunction with the base benefit of the DI policy where if due to disability, the insured qualifies and receives benefits from any of the following, it will cause a portion of or the entire benefit to cease paying out:
- Social Security Disability
- Workers Compensation
- Government Retirement & Disability Fund Benefits
- Railroad Retirement Fund Disability Benefit
Catastrophic Disability Benefit Rider – Pays an additional monthly benefit in the event the client is unable to perform two out of the six activities of daily living or develops a severe cognitive impairment.