Staying abreast of the ever-changing disability market is challenging. How do you know what carrier will provide the best DI coverage for your client’s occupation and financial profile?
Working with Source Brokerage, Inc. makes it easy to stay on top of recent changes, and design a disability plan that works best for your clients.
Here’s an overview of DI carrier niches that can help you as you work with your clients to place them with the best carrier.
Standard Insurance offers one of the most comprehensive DI contracts in the industry. Standard Platinum’s base contract is an “own occupation” definition, and its residual/partial benefit is the best in the industry–paying 100 percent benefit for the first six months, and a benefit equal to the income loss thereafter for the entire benefit period if needed. The Standard is a good fit for executives and business owners because it offers a business owner discount and a preferred producer discount that can add up to a 25 percent discount on premiums. And unlike many carriers, Standard has NO mental nervous limitation.
Standard’s product for price sensitive clients–Essential– is an excellent fit for females and occupations with a lot of manual duties. It has a modified defintion of disability–unable to perform the duties of your occupation and not engaged in any other gainful occupation–and NO mental nervous limitation.
Principal Financial has the lowest premiums in the DI industry for physician occupations. In addition, Principal is the only carrier who offers a multi-life discount and gender-neutral rates to three or more applicants with the same employer, including resident physicians. Principal will also provide disability income protection for part-time employees working at least 20 hours a week.
MetLife has the highest issue and participation limits in the industry. Furthermore, it does not underwrite for high net-worth, so your high earning clients can now more fully protect their incomes.
Tip: If you have a physician clients who are just beginning in practice, consider insuring them with two DI carriers to ensure they have the maximum future increase options available. They go through medical underwriting when they are young and healthy, and in future years they can exercise options for additional benefit as their incomes increase regardless of their health.
Ameritas makes it easy to write guaranteed issue individual disability on five lives or more. It’s an excellent opportunity to provide individual coverage to a group of executive or professionals, regardless of their health.
Guardian continues to have strong name recognition in the DI industry, and a comprehensive contract for physicians, executives and other professionals.
For more information on DI carriers that are a good fit for your clients, contact Steve Crowe at ext. 222, Ellen Crowe at ext. 223 or Brian Hettmansberger at ext. 230 Chris Bussey at ext. 220 or request a quote.