Have you ever come across a guaranteed-issue, key person DI plan? What about guaranteed-issue, Business Overhead Expense coverage? Guaranteed Issue Buy/Sell Insurance?
While extremely uncommon and with a limited scope in the traditional disability market, these Guaranteed Issue DI programs do exist with high-limit, robust benefit structures – and are available to brokers seeking a DI portfolio for their client base of unique, corporate solutions.
Guaranteed Issue DI business solutions encompasses the same, incredible attributes and large, multi-life premium discounts of the more familiar guaranteed-issue group and personal DI products.
Only 3 lives are needed to qualify for coverage with no exam, blood, HOS, or Tax Returns.
Here are some examples and ideas for this type of coverage:
A pharmaceutical company employs 33 regional sales reps who are experts in business development and maintaining client relationships. A loss of any one of them would certainly cause, at the very least, short-term fiscal concern for the company. A properly deployed Key Person GSI plan would be able to financially indemnify such a loss of one or more strategic personnel.
A medical management firm oversees 16 separate physician practices under a shared corporate identity. Maintaining the huge monthly overhead of any one of the individual practices would be a collective financial hardship should one of the physicians become disabled. A Guaranteed Issue Business Overhead Expense plan would cover the monthly expenses of all participating practices over and above their individual policies.
A law firm of 127 attorneys, many of whom are included in a stock option program, provides an average of 7% ownership of the company to each equity partner. An appropriately devised Buy/Sell GSI plan would fund a buy/sell agreement to cover each of the stake holders on a guaranteed-issue basis.
Contact your CPS DI Specialist for more details, or for information you can use to help market and grow your Disability Insurance business.
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