MetLife Inc. announced the introduction Tuesday of an automatic-increase benefit rider to let policyholders keep pace with inflation without having to supply evidence of continued insurability.
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The rider, which is available on certain MetLife disability income policies, automatically increases the base monthly benefit by 5% each year for the first five years of the policy. The rider is renewable after five years with financial and medical underwriting approvals.
There is no extra charge to customers for including the rider on a disability income policy. The policyholder does pay the cost of the additional benefit amounts when they take effect, however.
