Personal Financial Plans
- Income Replacement
- Excess Disability
- High Limit Disability
Business Financial Plans
- Salary Continuation
- Buy-Sell Agreements
- Business Overhead Expense
- Key Person
- Contract Agreement
- Bank Loan Indemnification
Traditional disability insurance carriers do a great job with most situations, but they often have areas which they choose not to participate. We can help solve many individual, group and multi-life disability problems for personal and business needs when the traditional carriers can't, or won't.
There are several medical professionals on staff who review and evaluate a wide range of health issues. Our goal is to find a solution for coverage. Because of the flexibility in underwriting, often a custom designed solution can be found for those turned away by other companies because of health related issues. A "NO" from the traditional sources does not mean it cannot be accomplished. Some common issues encountered include:
- Mental/Nervous Disorders
- Heart/Cardiovascular Issues
- Height & Weight Issues
- Kidney Issues
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- Diabetes
- Hepatitis
- Liver Issues
- Drug/Alcohol Issues
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Occasionally, disability applications are declined due to a High Net Worth, or "too much" Unearned Income, or Income which is reported through Capital Gains. These problems are not uncommon to us, we field these type of calls every day and can usually provide a solution.
How much is enough disability insurance? The industry says that for personal income replacement the answer is 65% - 75% of income. This percentage is seconded by third party resources such as the U.S. Labor Department and the US News and World Report, which both indicated that REGARDLESS OF INCOME, most people cannot make ends meet on less than 65% of their income.
Long Term Disability plans set out with this goal in mind, but these types of plans have a benefit cap which means that higher paid employees or owners will often receive less than 65%. The higher the income, the lower the percentage of income covered! This is referred to as reverse discrimination. Individual disability plans available from the traditional carriers start off insuring around 65% of income, but as income goes up, the percentage of income covered goes down.
Higher income earners have the problem of obtaining proper levels of disability insurance through traditional group and individual carriers. We provide practical solutions with participation limits of 65% - 75% of income, regardless of the amount of income earned. Sometimes this is primary coverage and sometimes this is done as supplemental disability coverage to layer over existing insurance.
An adequate amount of disability income insurance is like having hundreds of thousands of dollars locked up in a wall safe, ready to use in the event of a disability
Many special situations arise where traditional carriers are unable to offer coverage. These special situations are insurable and they may include:
- Working Overseas
- Family Businesses
- War Zone Coverage
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- Hours Worked Per Week
- Working Out Of A Home
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Special situations are not difficult, they are just, "special." Sometimes a perfect candidate for disability insurance has an avocation which the traditional carriers feel increases the risk exposure so high that a declination is necessary. We can address many avocations with either primary coverage or with a carve-out to provide coverage ONLY while participating in an avocation. Here are many of the avocations that have been insured:
- Amateur Racing
- Demolition Derby
- Scuba Diving
- Rock Climbing
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- Mountaineering
- Sky Diving
- Base Jumping
- Helicopter Skiing
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People are living longer, feeling better and are not enticed by great pension plans to retire young or withdraw from a successful firm. At age 60 many people have peaked and are at the top of their game. They are even more vulnerable from a "need for income" standpoint than their younger associates. Perhaps their retirement plans were badly crippled in the recent recession, or life changes have made it a necessity to continue to work for a living. Most traditional carriers only issue coverage up to age 63 and have even younger cut off ages for some disability plans such as Business Overhead Expense and Buy/Sell. Petersen International Underwriters stands ready to assist with disability insurance plans for the working citizen of most any age.
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The Disability Insurance Solutions Plan was designed specifically for blue and gray collar professions. This plan comes with many benefits already included such as recurrent disabilities, transplant benefits, presumptive benefits and waiver of premium. With limits of $100,000 per month or more and participation limits up to 75% for personal disability and 100% for business uses, you will be able to properly protect yourself.
Many people working in blue collar and gray collar occupations find it difficult to obtain sufficient amounts of disability income replacement with adequate benefit periods. Disability insurance is invaluable for any person in any occupation; a plan like this one will ensure that you can continue your standard of living despite a debilitating accident or sickness.
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Physicians & Surgeons Disability Insurance Plan was designed to provide men and women working in the medical field with proper levels of income protection. This plan allows medical professionals to maintain their standards of living in the event that an injury or illness leaves them unable to work. With issue limits as high as $100,000 per month (or more) and participation limits up to 75% for personal income protection and as much as 100% coverage for business uses, the Physicians and Surgeons Disability Insurance Plan will provide adequate levels of disability benefits to keep you properly covered.
Disability insurance is the cornerstone of a secure financial plan. A disability resulting in a person's inability to return to work would be financially ruinous if sufficient insurance coverage is not in place.
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Many legal professionals have incomes that exceed the limits of the traditional insurance markets. Therefore many people in the legal profession are usually under insured.The Legal Profession Disability Insurance Plan was developed to help secure sufficient coverage in case a disability prevents them from working.
This industry has many specialties. The Legal Profession Disability Plan is customized to recognize the needs for trial attorneys, business or civil attorneys as well as judges. This provides an own occupation definition which is very beneficial for a person practicing a specialized portion of the law.
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Working in a specialty occupation necessitates a specialty disability insurance plan. Unfortunately, for highly compensated employees such as Commodity Brokers and Stock Traders, sufficient amounts of disability insurance can be difficult to obtain from traditional carriers.
If a disability leaves you unable to work, the Brokers and Traders plan may save you from financial ruin. An adequate Disability Insurance Plan makes it possible for disabled person to pay their mortgage and utilities bills, buy food and clothing, cover educational costs, as well as maintain their lifestyle. Cash flow is critical when you are unable to work for an extended period of time.
With monthly benefits available up to $100,000 or more and lump sum benefits up to $50 million or more, the high incomes of Stock Brokers and Commodity Traders are now easy to insure. Highly compensated professions may be unhappy with their current level of income replacement disability insurance. The Brokers and Traders Disability Plan will provide a proper level of coverage.
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Specifically designed for people in the medical field of chiropractic care, the Chiropractors Disability Insurance Plan recognizes the coverage needs of people in this specialized occupation. Traditional insurance markets often leave highly compensated Chiropractors without adequate disability insurance. Sufficient disability insurance coverage is one of the most important pieces of a secure financial plan. A disability resulting in the inability to return to work could cause financial ruin; being underinsured is almost as dangerous as having no insurance.
The Chiropractors Disability Insurance Plan allows Chiropractors to continue living comfortably in case a disability leaves them unable to work. With issue limits as high as $100,000 per month and participation limits up to 75% for personal disability and 100% for business uses, the Chiropractors Disability Insurance Plan will offer proper income protection for you.
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The Dentists Disability Insurance Plan was designed with the understanding that dentistry is a specialty occupation and, therefore, those working in the dental trades often need high limit disability insurance. Because this is usually a highly compensated line of work, dentists often find it difficult to obtain sufficient amounts of disability insurance from traditional carriers.
Disability insurance is the cornerstone of a secure financial plan. A disability resulting in your inability to return to work would be financially ruinous if sufficient insurance coverage is not in place. The Dentists High Limit Disability Insurance Plan was designed to provide men and women working in the dental profession with the amount of income coverage they require.
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The Executive 400 Disability Plan was designed for the white collar market and has issue limits of $100,000 per month or more with participation limits up to 75% for personal disability and 100% for business uses.
Disability insurance is one of the most important parts of a secure financial plan especially for highly compensated executives. The Executive 400 High Limit Disability Insurance Plan was designed with the white collar market in mind. This plan allows executives to maintain their standard of living in case an injury or illness leaves them unable to work. With high issue limits and generous participation limits the Executive 400 High Limit Disability Insurance Plan will provide income security for highly compensated clients.
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