The short answer is: Yes. There are several riders that can be added to a DIA to insure increasing future income.
All insurance companies offer inflation protection. Some will guarantee an annual step-up each year while other riders will increase your income based on changes to inflation indexes like the CPI.
Annual step-up riders will guarantee growth of between 1%-5% depending on your selection. CPI-type riders will grow only when the Consumer Price Index increases which may be more or less than 5%. Either way, your income can increase each year – even after it’s already begun.
Some of these options might illustrate smaller payments at onset, but over the long haul, aggregate distributions can be much higher. And if you have a lifetime annuity, some companies allow for increasing income streams even after the account value has been exhausted.
You might need more income to pay for travel, living expenses, family needs, or healthcare costs. In fact, some can multiply your income 2x over if long term care is needed. Inflation riders can help account for such expenses while also providing peace of mind.