Ever Heard of Guaranteed-Issue Disability Business Insurance?
Have you ever come across a guaranteed-issue key person DI plan? What about guaranteed-issue BOE coverage? GSI buy/sell insurance? While extremely uncommon and with limited scope in the traditional disability market, these programs do exist with high-limit, robust benefit structures, and are part of Petersen International’s portfolio of 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, the Petersen business insurance plans are great sales tools when approaching large and small companies with multiple proprietors or with a number of key personnel. Here are some examples and ideas for business uses for this type of coverage:
Key Person
A pharmaceutical company employs 33 regional sales reps who are experts in business development and maintaining client relationships. A loss of any one of them would certainly cause, at the very least, short-term fiscal concern for the company. A properly deployed Key Person GSI plan would be able to financially indemnify such a loss of any one or more strategic personnel.
Business Overhead Expense
A medical management firm oversees 16 separate physician practices under a shared corporate identity. Maintaining the huge monthly overhead of any one of the individual practices, should one of the physicians become disabled, would be a collective financial hardship. A BOE GSI plan would be the best solution in covering the monthly expenses of all participating practices over and above their individual policies.
Buy/Sell
A law firm of 127 attorneys, many of whom are included in a stock option program, provides an average of 7% ownership of the company to each equity partner. An appropriately devised Buy/Sell GSI plan would fund a buy/sell agreement to cover each of the stake holders on a guaranteed-issue basis.
This type of benefits platform has also proven to be very useful with regards to buy-in funding, contract guarantees, loan indemnification, salary continuation funding and severance agreement indemnification. 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 coverage.
Contact our GSI department at (800)345-8816 to learn more about our High-Limit Guaranteed-Issue Disability Insurance plans, and discover what other phenomenal benefits are now available to your business clients.
What’s Peyton Going to Do Now?
On Sunday, much of the country watched as the underdog Denver Broncos triumphed over Cam Newton’s Carolina Panthers in the 50th outing of the National Football League’s championship game. This year’s extravaganza was lackluster at best. The showings of both quarterbacks were mediocre, but Denver’s defense saved the day for Bronco’s team leader, Hall of Fame bound Peyton Manning.
Peyton tallied an interception, a couple of fumbles and a low overall quarterback rating in the game. Nevertheless, all eyes were on Peyton, including the moment that Papa John (of pizza fame) hugged and kissed him after the victory. A 17 year veteran of the sport, Manning had hinted all season that this could be his last, making the Super Bowl win on Sunday a storybook ending to a phenomenal career. But was that really the end? What’s Peyton going to do now? Read More
Hard-To-Place DI
The name Petersen has been associated with the disability insurance industry for more than 60 years. For decades, you may have seen our ads in the trade journals, or you may be a regular reader of this publication. You may have placed business with us over the years, or you may have yet to reach out. But if you are at all familiar with Petersen International Underwriters, you are aware that we specialize in niche DI, life and health insurance products. However, we take pride that our true forte is the hard-to-place personal disability income market, as we are quite adept in underwriting flexibility. Our risk analysis methodologies… Read More