There's strength in numbers! Writing disability insurance coverage on multiple lives at once can lower the costs for your clients — while maintaining all of the benefits of an individual DI policy. With multi-life coverage for key employees, business owners can retain top talent by making their benefits stronger, and you can generate more revenue from a single opportunity.
Many carriers offer a 10-20% discount off individual rates — and females can receive even more due to gender-neutral pricing
Guaranteed standard issue DI allows individuals in the group to secure an individual policy with little to no underwriting
Higher-paid employees can overcome the difference between their salary and the cap on group employer coverage
Strengthen the benefits for key employees by recouping a higher percentage of their salary or getting a lenient definition of disability
Prior to running a multi-life disability quote, the carrier will need this excel spreadsheet filled out with the names, job roles, income and other information for any potential insured. Get a head start by downloading the census (Excel format) now.
Do you have business owner clients who match these key characteristics? If so, a multi-life sale may be the perfect opportunity to introduce in your next planning meeting.
An executive income protection carve-out program might be just the thing for your business owner clients to consider when exploring employee retention strategies. It not only helps the executive in the case of an injury or illness, but it also gives the business a boost if they need to call in extra help.
Most group coverage plans pay a percentage of the employee's salary based on the program's coverage limits. These benefits are also taxable, reducing the percentage of covered income. Make your client's income protection whole by adding individual coverage to their group plan.
Employees with higher salaries may be at a disadvantage when it comes to benefits. This client-approved piece shows how a benefit restoration plan can fix that by purchasing additional life insurance coverage and then adding group DI for income protection.
Women pay more than men for disability insurance coverage. Blame statistics and underwriting. Fortunately, there are multi-life options that help level the playing field. By purchasing coverage on multiple employees, female business owners can save money while protecting more lives.
When two business partners wanted disability insurance coverage, a multi-life discount provided an overall lower premium, plus coverage for an additional employee. See how the math worked out for these partners to save 23% while providing an added benefit for a key employee.