Case Study Snapshot: Key Person Disability

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A successful and renowned orthopedic surgeon was a partner and primary revenue generator of a growing Florida medical practice including a surgery center.  His personal annual income was $1,200,000.  The other business owners were greatly concerned with a permanent disability scenario in which the key surgeon would be unable to practice which would put the business continuity into question. 

Their insurance advisor contacted Petersen International seeking own-occupation key person disability insurance.  We were able to insure the surgeon with a specialty-specific, own occupation disability policy that provided a $5,000,000 lump sum permanent total disability benefit after a six-month elimination period.

The intent of the coverage was to provide a much-needed surplus of cash into a business struggling with the loss of their lead income producer and to also provide capital to recruit replacement employees.