Plane Crashes Are Devastating From Many Perspectives
Thankfully, air disasters are very uncommon occurrences. The chances of being involved in a fatal airline crash in the United States are approximately one in 11 million. Continuing advances in technology and devout safety programs have made flying in an aircraft a much safer endeavor than riding in an automobile or even traveling by train. However, accidents do happen and as a result, people tragically lose their lives.
On May 31st, a Gulfstream IV private jet crashed upon takeoff at Hanscom Field in Bedford, Massachusetts killing all passengers and crew including Lewis Katz, the 72 year old owner of the Philadelphia Inquirer. Mr. Katz was in the middle of negotiations to close an $88 million deal to gain controlling interest in several Philadelphia publications, hoping to end ongoing business feuds with the other owners and internally strengthen the struggling companies. Since the crash, Katz’s son has balked at the deal, and has so indicated that he will not move forward with the planned purchase. The financial futures of those publications are once again in limbo.
Aside from the horror and understandable sorrow realized from the physical act of the crash and the resulting loss of life and property, the event will continue to have a lasting negative financial impact on the owners and employees of those publications. Yet many of the fiduciary implications could have been mitigated with the proper implementation of accident insurance.
Petersen International has designed a High Limit Accident product to provide death benefits for those up to age 80 with limits that exceed $100,000,000 per person. Supplemental benefits are also available for losses due to accidental dismemberment and accidental permanent disability.
High Limit Accident insurance can be used in place of or in addition to traditional personal and key person life insurances. Benefits have repeatedly proven to be quite helpful for families when dealing with estate tax issues following the accidental death of a high net worth individual. As illustrated by the sudden and tragic passing of Lewis Katz, accident insurance can be equally important to corporate entities during periods of transition or takeover.
Petersen International’s High Limit Accident plan is essential for all high net worth persons specifically those who travel by corporate, private or charter aircraft. Policies are available through online enrollment or through our office, and can be purchased for short term trips or for periods up to three years. The underwriting is streamlined so policies are usually issued within 48 hours of application, and your clients will find the premiums extremely attractive when compared to traditional life insurance with expensive flat extras.
Call us today for standalone High Limit Accident quotes for all of your clientele no matter how they travel, on the ground or in the air.