Take the case of…
A new law firm, Smith & Jones, LLP, has two partners. These attorneys joined forces because their attributes compliment each other. Ms. Smith is great with people and signing new clients, while Mr. Jones is an administration wiz and runs the office. When Mr. Jones suddenly became disabled, the firm was immediately faced with financial turmoil. They had a Buy/Sell Agreement in place, which was funded with Disability Insurance, but it had a 12 month elimination period. With the high startup expenses this firm encountered, along with the diminished revenues caused by the disability, there was no way that this company would survive a year. Fortunately, Smith & Jones, LLP had a Buy/Sell PLUS plan in force which provides a monthly Key Person benefit should a partner become disabled. This cash flow helped to offset the lost revenues and helped to fund the hiring of a temporary replacement. After the elimination period, the Buy/Sell benefit funded the buyout of the disabled partner.
The Disability Buy/Sell PLUS plan is exclusively offered by Petersen International Underwriters. Bundled discounts and additional coverage are just a few advantages this plan provides. Contact us to learn more about this exciting new product that can lead you to more sales.