Simplified-Issue Individual Disability Insurance
Like life insurance products, disability programs come in many different shapes and sizes designed to fit varying client needs and budgets. But acquiring sufficient amounts of DI can be challenging and time consuming to both broker and client alike. That is never more true than it is today, especially in the current COVID-19 climate when we are all still in the thick of social distancing and fear of viral contamination and spread.
To make the challenge of attaining excess disability insurance much easier and more engaging to high-net-worth prospects and their insurance agents, Petersen International Underwriters is pleased to provide the Simplified Underwriting DI platform. The “own-occupation” defined insurance plan streamlines the underwriting and acquisition of excess disability coverage, saving your clients valuable time and money. More importantly now, the program allows you to prescribe your clients additional layers of disability insurance without having to take any additional examinations or lab tests. The Simplified Underwriting DI plan boasts non-contact underwriting and policy issuance.
Once your client has been approved for and issued a fully-underwritten disability policy from a “traditional” domestic DI carrier, within 90 days of said purchase, your client is eligible to complete and submit an application for Petersen International’s Simplified Underwriting plan which requires no exams, no labs and no medical records.
Besides providing peace of mind in the Coronavirus era, waiving such requirements of paramedical exams, blood draws and urinalyses allows Petersen International to reduce underwriting timetables by more than half while passing along additional cost savings to applicants in the form of reduced premiums.
This program certainly alleviates the hassles and headaches associated with traditional disability insurance underwriting protocols as well as generally lowering rates for those seeking additional layers of income protection in the form of excess DI.
Contact our disability department at (800)345-8816 to hear more about this important tool from Petersen International.