What is the Future Increase Option (FIO)?
The Future Increase Option (FIO), available on the Income Protection Plan, enables you to increase coverage automatically without a medical exam. Increases of $500 per year, for a total of up to $2,500, can be exercised at renewal time (one per year for up to five years, subject to the Plan’s current monthly maximum) by completing the documentation requested on your renewal notice and remitting the additional premium. This optional coverage feature may be requested until age 50 and exercised until age 55. A similar feature is built into the Office Overhead Plan. The Future Increase Benefit is exercisable at any renewal time before you turn 55, with mechanics similar to the Income Protection Plan: Increments are $500 each, for a total of up to $2,500 in additional monthly coverage (subject to the Plan’s current monthly maximum). If you are eligible for an increase, you will be notified on your semi-annual renewal notice.
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