What does the Future Increase Option (FIO) rider allow an insured to do?

The Future Increase Option (FIO) rider is specifically designed to provide the insured with the ability to increase their policy benefits at specified future dates, regardless of changes in their health status at the time of the increase. This feature is particularly beneficial for individuals whose needs may grow over time, such as those who anticipate increased expenses or changes in their financial situation.

By incorporating the FIO rider, the policyholder has the security of knowing they can adjust their coverage align with their evolving requirements, typically without undergoing additional underwriting or medical examinations. This rider often has predetermined intervals, allowing for scheduled increases that can help maintain adequate protection as personal circumstances change.

In contrast, options like reassessing health coverage annually or reducing coverage based on income changes do not align with the primary purpose of the FIO rider, which focuses on the enhancement of benefits rather than modification or reassessment of the policy itself. Additionally, switching to a different insurance provider is outside the scope of what the FIO rider offers, as this involves changing policies rather than adjusting the benefits of an existing one.