Expanded Guidelines Allow More Clients to Qualify for Disability Coverage
We can help you to write your first Disability Insurance (DI) policy or assist you in generating more production in the Disability Marketplace. Remember to ask your client’s about how they would pay for their various living expenses in the event that they could not earn their income at work due to sickness or injury.
If your client does not have a plan in place, you can help provide the solution.
To assist in providing you with the most competitive DI solutions, we have a number of carrier outlets for both blue and white collar clients. One of these carriers recently released their latest changes to product and underwriting guidelines.
Below you can find a summary of the various enhancements and changes along with a brief narrative detailing the impact of the change.
Expanded Select Occupation Discount
Guidelines have been expanded to provide for upgrades and discounts for more occupation classes within education and scientific fields. They have also added more Physician classes to make qualifying clients based on job duties considerably easier.
Foreign Nationals
Acceptable Visa’s expanded from only H1B, L1 and J1 to now also include O1 (Individuals with exceptional abilities in science, education or business) and TN (Canadian or Mexican citizens who work in the US) classes.
High Net Worth Clients
Individuals with a net worth up to $10M can now be considered for Individual DI. Clients with a net worth between $6M and $10M will need to be considered individually based on their “asset mix, nature and type.” This allows us to consider a traditional carrier outlet for the first dollar of coverage on high net worth clients before having to consider the surplus market.
IT Industry
IT solutions are changing the way we live our lives and it also impacts the job duties of our IT Professionals – we can now offer Top Occupation classes now available for IT Computer Programmers, System Analyst, Software Developers, and Database Administrators.
These enhancements make an already competitive product portfolio that much stronger. The occupation class changes will improve pricing, while the foreign national and high net worth client enhancements will allow you to provide DI coverage to clients that previously would not have been qualified for coverage in the traditional marketplace.
If you would like to obtain a quote or talk about what products may be available for your clients, please contact us today and we can help you to initiate and implement the sales process.