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Common Uses

Features and Optional Riders of Multi-Life Plans:

  • Guaranteed Issue for groups of 10+ people
  • Simplified Issue for groups of 5-9 people
  • Cost of Living Adjustment Rider more information
  • Residual Disability Rider more information
  • Partial Rider more information
  • Automatic Increase Rider more information

Residual Disability Benefits will be paid when you are engaged in your occupation and your income is reduced due to a disability by 15% or more. The benefit will be calculated by multiplying the monthly benefit by the percentage of reduced income compared to the average income for the preceding twelve months at the time of disability. If your income loss is greater than 80% this will be considered a 100% loss.

Cost Of Living Adjustment (COLA) Benefits will annually automatically increase based upon the Consumer Price Index (CPI), but not to exceed 10% per year.

Partial Disability Benefits will pay you 50% of the maximum Monthly Benefit should you have the inability to perform more than 50% of your substantial duties.

Automatic Increase allows for an insured to increase their monthly benefit automatically, provided their income has increased and can be documented. With this endorsement attached to a policy the insured may elect to increase his/her coverage up to 65% in participation, not to exceed the policy maximum. The additional premium for the increased amount will be pro-rata of the current premium.

Guaranteed Issue Group / Multi Life Disability Insurance

If a disability inhibits one from working the financial strain can be catastrophic; everyday costs suddenly become nearly impossible to cover. Even with a disability insurance plan in place, it may be hard to continue living a fulfilling lifestyle; many plans only cover the bare bones.  Because many highly compensated employees have difficulty obtaining adequate and reasonable amounts of disability insurance through their group long term disability insurance plans, PIU has constructed a high limit supplemental group plan.

Take The Case Of...

XYZ Hospital. The hospital had employment contracts with their top executive and medical chairs. The incomes were way beyond the ability of LTD and Individual Disability combined to do the proper job of indemnification. This placed a huge liability onto the books of the hospital.

Solution: Guaranteed Issue Supplemental Disability Insurance up to 75% of income with issue limits as high as $50,000 per month.

PIU has designed both a group and a multi life approach to this problem; both plans offer premium discounts and underwriting concessions. In participation with another disability insurance plan already in place, this plan can insure a person for up to 75% of their income and has issue limits of $100,000 per month or more! We understand that not all people and certainly not all groups are the same; therefore, if your client’s group has special needs, PIU will design a custom group insurance plan to cover them.

At Petersen International Underwriters, we are always trying to introduce new ideas that will help our producers in their business. Our latest productions are three videos that will help you demonstrate to clients the importance and simplicity of supplemental disability insurance that can be offered on a guaranteed basis to groups of 5 individuals or more.

Guaranteed Issue Disability Insurance - Attorneys

Guaranteed Issue Disability Insurance - Executives

Guaranteed Issue Disability Insurance - Physicians and Surgeons