What’s Trending Now
The high limit, supplemental disability insurance market is reeling from the current launch of Petersen International’s “Accelerated Benefit to Age 65” excess disability plan. With fewer restrictions on the definition of a total disability and the longest benefit period available in the excess market, the “To Age 65” plan is now providing life and health agents with the most innovative sales tool to reach the market in years. Not only are insurance professionals excited about the possibilities brought forth by the introduction of this product, but prospective clientele now seem to comprehend the importance of such a sustained, high limit benefit.
In addition to individual DI cases, Petersen International Underwriters is also observing significant growth in the Multi-Life market. Brokers, employers, and clients alike, enjoy the large monthly benefits and the ease of guaranteed issue policies. With group sizes starting as small as five lives and the flexibility of mandatory/voluntary offerings, the guaranteed issue coverage continues to grow steadily.
A recent spike in international life and accidental death sales can be interpreted in different ways. There is, of course, a growing trend in corporate multi-nationalism and economic globalization led in part by technology-driven industries and ever-evolving communication systems. American corporations are now matching the employee benefits of their foreign national and overseas employees to their U.S.-based counterparts. This translates to comprehensive term life insurance and/or accidental death insurance for international employees working outside the U.S. including those locations deemed hazardous by the State Department.
Another interpretation for increased sales is the sporadic, yet ongoing pockets of terrorist activity in parts of Africa, Asia and throughout the Middle East. The need for dependable war and terrorism insurance is always present for U.S. expatriates, tourists and American contractors, and current political tensions in those areas have coincided with an increase in inquiries for international life insurance.
Unfortunate as it is to sound like a broken record, the gift of the Affordable Care Act from the current administration to the people of the United States has created as many questions as it has provided answers. Most health insurance agents are trying to ascertain the immediate and long term effects healthcare reform will have on their businesses and the actual wellbeing of their clients. There are whispers of lifelong health agents turning their attentions to other lines of insurance. In fact, Petersen International Underwriters has been prompted to no longer offer the invaluable services of the Bridge Major Medical Plan for those awaiting Medicare eligibility.
Please call Petersen International today to discuss how these trends may affect your business, and learn more about the opportunities abound.