Become a Disability Insurance Superstar
The ability to bring your client something that others can’t will set you apart and ultimately make you a star. Right now, one of the hottest platforms of the disability insurance industry is guaranteed-issue (GSI) coverage. GSI products are becoming more mainstream outside of the traditional group insurance and employee benefits marketplaces. They are easily accessible to those producers working in the individual DI world as well, making the crossover to one-off employee benefits cases simple even for the most devout individual DI broker.
Although the setting-up of the group benefits platforms takes time and diligent effort to achieve corporate approval and efficient administration from a human resources standpoint, they offer substantial discounts when compared to individual coverage, and they provide income protection without the hassle of intrusive medical exams and blood/urine draws, saving a board of executive directors and their employees time, money, logistical headaches and unnecessary breaches of privacy.
From an agency and advisor point of view, GSI programs do require additional marketing and the ability to make sound business connections, but they are usually financial windfalls. Commissions, especially in the high-limit market, can be enormous and long lasting. Many domestic group carriers are now providing low-limit guaranteed-issue disability income protection policies as supplements to existing group LTD plans. Petersen International is heavily marketing high-limit excess GSI coverage to accounting firms, corporate C-suites, physician groups and law firms.
The personal income protection GSI market is all abuzz and is just beginning to be exploited, but the business GSI market remains completely unsaturated. Have you ever come across a guaranteed-issue key person DI plan? What about guaranteed-issue BOE coverage? Ever heard of GSI buy/sell or severance insurance? While extremely uncommon and with limited scope in the traditional disability market, these programs do exist through Petersen International. High-limit, robust benefit structures make for unique and exciting corporate solutions.
Encompassing the same incredible attributes and large multi-life premium discounts of more familiar guaranteed-issue group personal DI products, business insurance plans are great sales tools and door openers when approaching small to large companies with multiple proprietors or with a number of key personnel. Business GSI benefits aren’t readily known to anyone outside the specialty DI world which makes them new and exciting, providing your business clients with something they haven’t seen before. And it doesn’t hurt that these benefit platforms can be true saviors to companies affected by the unforeseen and premature disablement of employees and employers.
Besides the obvious use for multi-life key person, BOE, buy/sell and severance coverage, the GSI benefits platform has also proven to be very useful with regards to buy-in funding, contract guarantees, loan indemnification and salary continuation funding. Petersen International has the rare ability to financially protect a business, virtually no matter the size, on a multi-life chassis with a guaranteed issuance of high-limit disability insurance. Leveraging your relationship with Petersen International offers you the chance to provide your clients with unique products that others don’t have, making you a true disability insurance superstar.