Source Brokerage, Inc. is excited to add Mass Mutual to our list of disability income carriers. In addition, Ameritas rolled out its new DI product, DInamic Cornerstone.
Having access to multiple carriers can make it easier for brokers to tailor a DI policy to fit the needs of their clients. Different disability insurance companies offer different terms and may also have different underwriting requirements. These differences can have a big impact on your clients’ disability benefits and premium costs.
Mass Mutual offers a spousal discount when both spouses apply concurrently, while Ameritas offers a discount when applicants apply electronically and accept electronic policy delivery.
Mass Mutual offers disability income insurance that can help policyholders protect 45% to 65% of their regular income. Applicants can customize their coverage with various riders. They can also protect their income both by avoiding dipping into retirement savings during a period of disability and by purchasing a policy that helps them continue to save for retirement during a disability.
Here’s some additional highlights of the Mass Mutual Radius product:
Discounts available:
- Multi-life: 10%
- Requires 3 or more lives from the same employer
- Spousal Discount: 10%
- When an individual and spouse apply concurrently (within 45 days of each other)
- Resident/Fellow (medical): 15-20%
- Dependent on institution
- Must ask the carrier
Simplified underwriting Limits:
- Up to age 50
- Up to $10k (no medical underwriting)
- $6k and under (no financial or medical underwriting)
DInamic Cornerstone offers design flexibility and options so you can customize the coverage for your clients’ specific needs. The product provides simple and affordable coverage with a simplified underwriting process. This may be a good option for individuals that need basic coverage but don’t want to deal with complicated application processes or large premiums.
Here’s some features of Ameritas DInamic Cornerstone:
Discounts available:
- Multi-life: 10%
- Requires 3 or more lives from the same employer
- Resident/Fellow (medical and dental): 15%
- Available for occ classes: 6M, 5M, 4M, 4P and 4D
- Available for 180 days after graduation
- Not available for certain residents in a GSI program
- E-Discount: 6%
- Available when client’s e-apply and e-delivery their policy (simplified applications)
- Mental Nervous Limitation: 10% (BP 10 year, 65 and 67), 5% (1,2, 5 year)
Simplified underwriting Limits:
- Up to age 45
- Up to $10k (no medical underwriting)
- $5k and under (no financial or medical underwriting)
Mental Nervous Coverage (Unlimited was not previously offered):
- Unlimited offered for 6A-3A, 6M-4M, 4D
- 2 year limitation for: 4P
When reviewing disability insurance options, it’s important to look for a policy that can be customized to fit your client’s needs. The best disability insurance policy for one worker won’t necessarily be the best fit for another worker.
Some basic things to consider include the benefit amount, the benefit period, the elimination period and the definition of disability. Beyond that, it’s also important to look at the various riders and choose the ones that best fit your client’s needs.Price is also a factor, and you may receive better rates from one carrier or another.
When you partner with Source Brokerage, Inc., our disability income specialists can help you design a plan that fits the financial and professional profile of your clients. You’ll have access to multiple carriers, which enhances your ability to craft the best policy for your clients.
Questions? Complete form below to download agent information guides or contact Steve Crowe at ext. 222 or request a quote.
