What is a Future Insurability Option Rider on a Disability Insurance Policy?

Posted by on Feb 8, 2023 9:00:00 AM

Thinking long-term about your career can be difficult, especially if you’ve just finished dental school. But by making sound decisions about your future now, you can save yourself money in the long run, while protecting yourself and your income throughout your career. 

One key decision you will need to make is regarding your insurance policies. Below, we discuss future insurability option riders, which can provide excellent benefits, especially for dentists in the early stages of their career, who want to secure their futures to the best of their abilities. 

What Is a Future Insurability Option Rider?

Future insurability option riders help guarantee your ability to buy additional insurance coverage in the future, regardless of any health changes . Often, these riders are included at the inception of a disability income insurance policy to protect one's future insurability. 

While you’ll have to medically qualify for this rider initially, you will not have to provide medical information to increase coverage in the future. 

How Does a Future Insurability Option Rider Work and Why Is It Important?

Typically, if your disability income insurance policy does not include a future insurability option rider, any increases to your coverage in the future may require complete medical underwriting. Any health changes may impact your ability to secure additional coverage. With this rider on your policy, you will have protected the ability to increase your coverage as your income increases throughout your career without worrying about health changes. 

This policy addition usually lasts through a specified age, typically age 50 - 60, depending on the company and the specific policy language In addition, the policy may specify a maximum overall increase under the rider.

When Is the Best Time To Add a Future Insurability Rider?

By obtaining this rider on your policy from the start while you’re younger (and potentially healthier), you will have protected the ability to increase your coverage in the future as your income increases irrespective of any changes to your health. As we age, we may develop health concerns that affect underwriting resulting in coverage modifications, and/or substandard premiums for the additional coverage or even denial of additional coverage. Having a future insurability rider may help mitigate these potential issues.

Whether your dental career is just beginning or you are a seasoned dental professional, you should work with an insurance professional who is experienced in addressing the risks that dentists face. 

Protect Your Dental Career With the Right Insurance Coverage

Whether you’re a dental professional in training or in practice, including a future insurability option rider on your disability income insurance policies can protect your means of earning a living as your income grows.

This insurance is a key risk management tool that supplements your lost income while you are unable to work. While you may know you need this coverage and to consider ways to safeguard your insurance options with supplemental riders, you may still have questions about it, including:

  • What is the definition of disability?
  • What factors will impact the monthly premium I pay? 
  • In addition to future insurability rider, what riders should I add to my policy? 

We cover these topics, additional riders, and more in our free guide, Disability Income Insurance for Dentists. Download this guide today to learn everything you need to know about your options for protecting your income throughout your career. 

About Treloar & Heisel

Treloar & Heisel offers dental and medical professionals a comprehensive suite of financial products and services ranging from business and personal insurance to wealth management. We are proud to assist thousands of clients from residency to practice and through retirement. Our experienced teams deliver custom-tailored advice through an active local presence, while our strong national network ensures that clients experience the same high level of service throughout the country.

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