Your Paycheck- One of your Biggest Assets
Your income allows you to maintain your standard of living, pay bills, save for the future and enjoy life’s simple pleasures. In short, it provides the foundation for life as you know it. But what if you couldn’t work to earn your income?
Your income is one of your most valuable assets – help protect it with DI.
Traditional disability insurance carriers do a great job with most situations, but they often have areas which they choose not to participate. Our Underwriters helps solve many individual, group and multi-life disability plans for personal and business needs, which the traditional carriers can’t, or won’t, provide solutions, including:
Example #1 – Impaired Health Related Issues
Our affiliate Underwriters have several medical professionals on staff who review and evaluate a wide range of health issues. Our goal is to find a solution for coverage! Because of the flexibility in underwriting, Our affiliate Underwriters can often design a custom solution for those turned away because of health related issues. A “NO” from the traditional sources does not mean it cannot be
accomplished! Some common issues encountered include:
• Mental/Nervous Disorders
• Heart/Cardiovascular Issues
• Height & Weight Issues
• Kidney Issues
• Liver Issues
• Drug/Alcohol Issues
Example #2 – Difficult Occupations
Traditional disability carriers will not consider writing coverage on certain occupations. Many reasons go into their decision including High Risk Occupations and Inconsistent Income. Most occupations can be considered by Our affiliate Underwriters including Artists, Ships’ Captains, Pilots, Off shore Oil Workers, Fishermen, Stunt People, Actors, Professional Athletes, Writers, and Loggers to name only a few.
Example #3 – Excess Coverage
How much is enough disability insurance? Our industry teaches us that for personal income replacement the answer is 65% – 75% of income. This percentage is seconded by third party resources such as the U.S. Labor Department and the US News and World Report, which both indicated that REGARDLESS OF INCOME, people cannot survive, financially, on less than 65% of income.
Long Term Disability plans set out with this goal in mind, but these types of plans have a benefit cap which means that higher paid employees or owners will often receive less than 65%. The higher the income, the lower the percentage of income covered! This is referred to as reverse discrimination. Individual disability plans available from the traditional carriers start off insuring around 65% of income, but again as income goes up, the percentage of income covered goes down!
Higher income earners have the problem of obtaining proper levels of disability insurance through traditional group and individual carriers. Our affiliate Underwriters provides a practical solution with participation limits of 65% – 75% of income, regardless of the amount of income earned. Sometimes this is primary coverage
and sometimes this is done as supplemental disability coverage (sometimes referred to as High Limit or Excess Disability) to layer over existing coverage.
Example #4 – Unusual Income & High Net Worth Issues
Occasionally, disability applications are declined due to a High Net Worth, or “too much” Unearned Income, or Income which is reported through Capital Gains. These problems are not uncommon to our affiliate Underwriters who fields these types of calls every day. For example, a real estate developer must get up every day and report to work just as a W-2 employee needs to, but because his or her income is generated by the sale of the building project and comes to him or her as a Capital Gain, does not mean he or she does not need a solid disability income replacement plan.
Example #5 – Special Situations
Many special situations arise where traditional carriers are unable to offer coverage. These special situations are insurable through our affiliate Underwriters and they may include:
Example #6 – Special Avocations
Special situations are not difficult, they are just, ”special!” Sometimes a perfect candidate for disability insurance has an avocation which the traditional carriers feel increases the risk exposure so high, a declination is necessary. Our affiliate Underwriters can address many avocations with either primary coverage or a carve-out to cover ONLY while participating in an avocation. Our affiliate Underwriters considers many avocations including:
Example #7 – Senior Ages
People are living longer, feeling better and are not enticed by great pension plans to retire young or withdraw from a successful firm. At age 60 most people have peaked and are at the top of their game. Often times they are even more vulnerable from a “need for income” standpoint than their younger associates. Perhaps their retirement plans were badly crippled in the recent recession, or life changes have made it a necessity to work for a living. Most traditional carriers only issue coverage up to age 63 and have even younger cut off ages for some disability plans such as BOE and Buy/Sell. Our affiliate Underwriters stands ready to assist with disability insurance plans considered for the working citizen of most any age.
For a Free Quote call or email us with the following info:
Name, Date of Birth, State, Occupation, Income, Previous coverage? Who? Why they can’t help you? Medical Issues?
We will get back to you shortly with a quote.