Guaranteed Issue Excess Disability Insurance
Group Consisting of Three or More (Employees / Executives)
Group Disability Plan in Force
Selective Plan Options & Benefits:
Coverage Offered Guaranteed Issue
Eligibility – Individuals under age 71 and actively working
Issue Limits up to $250,000 / month per person
Elimination Periods: 30,60,90,180,365 days
Benefit Periods: 12,24,36,48,60,84 months
“Own Occupation” Disability Definition (includes Specialty)
3/12 Pre-Existing Condition Exclusion (anything that occurred / treated within 3 months immediately preceding the effective date not covered until the policy’s been in force for 12 months)
Mandatory: Coverage offered to a select group of individuals (board of directors, specific department, anyone over a certain income threshold, etc …)
Voluntary: Benefits offered to a select group via simple online form (minimum participation required based on eligible group size).
Hybrid: Combination of Mandatory Base Plan with a Voluntary Plan on top. The Mandatory Plan provides a minimum amount of production and the Voluntary Plan allows participants to “buy-up” additional coverage without worrying about meeting any minimum participation requirements.
Please contact us to discuss your specific situation and objectives.
Please note, all concepts, strategies, and products mentioned may not be suitable for you or your company. Information provided is not intended to be legal or tax advice. Please consult with your tax and legal advisor for specific tax and legal questions.