I'm coming up on the first anniversary of my DI policy and I just got a letter stating that they will automatically increase my benefit as part of the "automatic increase benefit rider". I currently have $17,000 monthly benefit with COLA, plus another employer paid group policy for an additional $5,000. If I accept the AIB, benefit increases by $850/mo and my annual premium will go up about $250.
I feel that I am already pretty well insured, but I am wondering if cancelling the AIB is a dumb idea. If I cancel it this year and next, I will not be able to ever increase the coverage amount without taking out a new policy.
thoughts?
I feel that I am already pretty well insured, but I am wondering if cancelling the AIB is a dumb idea. If I cancel it this year and next, I will not be able to ever increase the coverage amount without taking out a new policy.
thoughts?
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