Discrimination Is Alive and Well

We are not here to wax philosophical about race, religion or sexual orientation, but we want to contemplate ongoing financial discrimination against the wealthy in America as it pertains to insurance.  The United States is arguably the most successful, richest country in the world.  There are by far more billionaires in the U.S. than in any other nation, and there are more than 10 million Americans who currently hold the title of “millionaire.”  This is a land of economic freedoms and opportunities that few other places on earth offer.  But in this progressive state of capitalism there are quite a few financial drawbacks and potential pitfalls for those who work hard and are lucky enough and savvy enough to remain truly wealthy.

Taxation is thought of to be the greatest enemy to men and women of substantial wealth.  State and federal income, estate and business taxes demand large proportions of American household incomes.  The more money you earn, the higher percentage of income you must turn over to the government, and barring radical administration changes, the trend of increasing taxation on the rich will continue.

We also find unfair treatment of high net worth individuals in the insurance industry, especially in the disability market.  Mainstream disability carriers tend to offer less income protection to customers with higher earnings.  Depending on occupation and income level, most DI companies aim to provide insurance on approximately 60% of a client’s annual earnings, but when they look at high net worth individuals, the percentage of coverage drops to a protection level in the 10% to 25% range – that is simply prejudicial and grossly negligent. 

Just because someone makes a better living than most doesn’t mean he/she should be less protected against the financial devastation of disablement.  Statistics have historically demonstrated that even the rich are poor accumulators of sufficient liquid assets and savings to maintain an accustomed lifestyle after an unforeseen and long-term halt to income flow.  Wealthy Americans should be financially indemnified at the same levels as average income earners.

Petersen International has a long history of protecting the economic welfare of the top 10% of those making a living in the United States.  We offer plans specific to attorneys, physicians, dentists, executives and financiers who are in dire need of more income protection than can be acquired from the “traditional” U.S. disability insurance market.  Our excess and supplemental DI policies offer the highest levels of fiduciary safety found anywhere in the country.

Petersen International’s high-limit disability plans put an end to much of the financial discrimination found in the insurance industry today.


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