Know It All: 2 Types of Benefit Growth for Fully Underwritten IDI

Most people expect their income to increase over time, whether those changes come from raises, promotions or growing their business. To ensure income protection keeps up with earnings, Platinum Advantage offers two riders that can be used separately or combined. Here are the details and differences.

Automatic Increase Benefit: Steady Growth

To help keep up with annual salary increases, the Automatic Increase Benefit Rider provides basic monthly benefit increases of 4 percent each year, on the policy anniversary, for six consecutive years, without additional medical underwriting. After six years, policyowners may apply to renew the increases for another six-year period.

The Automatic Increase Benefit is an excellent rider for those who expect their income to rise steadily over time through merit raises, cost-of-living adjustments and other basic, relatively steady increases. It's available on all eligible Platinum Advantage policies at no additional cost.

Benefit Increase Rider: Bigger Advancements

To help keep pace with larger career advancements — such as promotions or movement through high-growth occupations — the Benefit Increase Rider provides an option to increase coverage over time without additional medical underwriting. Policyowners have the option of purchasing additional coverage every three years. Those age 50 and younger whose income has increased at least 30 percent or who have become recently ineligible for group long term disability insurance can apply for an accelerated increase before the three-year anniversary.

The Benefit Increase Rider is a strong option for those just starting out in high-income fields and who expect to see higher-than-average salary increases over time. It’s available to customers in eligible occupation classes at no additional cost.

Keep Protection Up to Date

Both riders help keep your clients' protection up to date. The Standard makes administration simple by sending out reminder letters to your clients prior to their appropriate anniversary dates and keeping you in the loop.