On Fire: The Guaranteed Issue DI Market
Last Thursday, the International Disability Insurance Society sponsored an intriguing and well-received webinar on the carrier, agent and consumer benefits of GSI (guaranteed standard issue) group disability insurance in the traditional marketplace. The real buzz on this type of product is its extreme attractiveness to all parties involved once the program attributes are properly illustrated.
Benefiting the consumer, those with less-than-ideal health histories can acquire full DI benefits without additional exclusions or ratings, and to the delight of the employer, premiums are heavily discounted on both the mandatory and voluntary chassis. Implementation of these programs is streamlined and practical for an employer to administer, making life easier for HR and benefits managers. Furthermore, the agent commissions on GSI business are much higher than the levels encountered with Group Long Term Disability plans. The GSI line is an all-around winner, and has yet to be fully explored in the standard and excess/surplus DI marketplaces.
Petersen International offers the Guaranteed-Issue Excess Disability Insurance plan which is designed to provide multi-life income protection benefits to higher-income earners who are maxed-out of coverage through the U.S. DI market. The not-so-secret weapon of the Petersen plan is that guaranteed-issue benefits can be administered to groups with as few as three individuals. Three partners can qualify for a guaranteed-issue disability plan! It sounds crazy, but it’s true. An efficiently designed GSI program can save an insured person or corporation thousands of dollars every year in disability insurance premiums.
Successful exploitation of GSI business is just beginning, and the potential is astronomical. There are thousands upon thousands of law firms, hospitals, surgery centers, dental groups, accounting firms and technology companies in this country with employers, partners and employees whose incomes are not sufficiently insured through traditional disability channels.
The cases and the commissions are in front of you, and are there for the taking. Don’t hesitate to use your current clientele as references and door openers to introduce the GSI concept to their business partners or employers.
Petersen International will help you get involved in the rapidly expanding GSI market. You have the client connections; we have the product expertise and the marketing and sales strategies. Call Petersen International at (800)345-8816.