Some people are deemed uninsurable because of their age, their employment in a risky occupation, the location of their workplace, their medical history, an avocation for risky behavior, frequent international travel, or simply the need for a high limit disability plan that a traditional carrier won’t underwrite.
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. With limits of $100,000 per month or more and participation limits up to 75% for personal disability and 100% for business uses.
For a highly compensated executive, sufficient amounts of disability insurance can be difficult to obtain from traditional carriers. Executive 400 Plan covers the needs, with limits of $100,000 per month or more and participation limits up to 75% for personal disability and 100% for business uses.
Designed with both a group and a multi life approach, this plan offers premium discounts and underwriting concessions. In participation with another disability insurance plan already in place, it can insure a person for up to 75% of their income and has issue limits of $100,000 per month or more! Groups with special needs, we will design a custom group insurance plan to cover them.
Designed to provide those 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 $150,000 per month (or more) and participation limits up to 75% for personal income protection and as much as 100% coverage for business uses .
Designed with the understanding that dentistry is a specialty occupation and, therefore, those working in the dental trades often need high limit disability insurance. Unfortunately, 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.
Traditional insurance carriers may refuse to insure those working in the Entertainment Industry as their incomes can fluctuate between jobs. This industry is a broad one; PIU’s Entertainment Industry Disability Insurance Plan was developed to provide those who work behind the scenes with the coverage they require. Covers everyone from Animators to Stunt People and everything in between.
Plans are insured by Certain Underwriters at Lloyds, London
Be sure to review our sample real life claims regarding a Pilot Loss of License and Surgeon Claims, below in our Brochure Downloads
Corporate and commercial pilots have always had a tough time securing proper insurance. In the past, the majority of insurance companies have told pilots that they are “uninsurable” because there are too many factors that could cause them to lose their medical certificate. Due to strict medical qualifications, many health issues that would allow employees in the traditional workplace to continue working would cost a pilot his or her license.
Disability is a subject you may read about in the newspaper, but not think of as something that might actually happen to you. But the chances of becoming disabled are probably greater than you realize. Studies show that a 20-year-old worker has just over a 1-in-4 chance of becoming disabled before reaching retirement age. Accidents are NOT usually the culprit. Back injuries, cancer, heart disease and other illnesses cause the majority of long-term absences and loss of income.
Consider this anecdote. You do not hesitate to insure your home, car or boat (the "things" that we pay for and enjoy in life). How do you think you possess these items in the first place? You bought them! You insure them because you don't want to lose them and will want to have them replaced if "lost". So why wouldn't you insure the "ATM machine" ? YOU are the ATM Machine... you make money to support your lifestyle and family needs. IF and when, you become disabled and can't produce income... the house of cards collapses! This is why income replacement insurance (aka Disability Insurance) is just, if not more, important than Life Insurance.
Life insurance pays someone else like a spouse should the insured person die (covering the deceased loss of income). Sometimes you'll here a long term and total disability referred to as the "living death" . This is so true because not only can't you work to bring in income for your family, your family and spouse must continue to expend money to take care of you, pay the bills, mortgage, boat, car, etc. It's a terrible situation to be in, especially for your family that is depending on the uninterrupted flow of income.
While we spend a great deal of time working to succeed in our jobs and careers, few of us think about ensuring that we have a safety net to fall back on should we become disabled. At GRB we encourage our clients to reach out and let our team discuss a good income replacement strategy so you don't fall prey to the "living death" and it's unsavory complications on your and your families lives.
Petersen International Underwriters holds one of the largest contracts to Lloyd's of London for underwriting disability insurance and other types of insurance coverages. For well over 60 years, Petersen International has been recognised nationally and internationally for the expertise and innovation they bring to disability and special risk insurance. Petersen knows the industry! The industry knows them!
At GRB, you will find our expertise and long standing relationship with Lloyds underwriters and the Petersen Family Team is what sets us apart from other firms ... providing exceptional service to our clients and agents globally since the turn of the Century!
Among it's insureds are the names of great athletes, entertainers, political leaders, astronauts, war correspondents, business leaders and a host of just average successful business and professional people.
Our firm has long been distinguished for taking a pioneering approach to risk management, whether the risks be moderate to jumbo, conventional or unconventional, personal or for business.
"Insuring the Globe"® ... Plans that are Beyond the Traditional
Common Uses for Personal Disability Insurance:
Other special use needs for disability insurance include:
Our definition of total disability is a true “own occupation” definition. Total disability means that solely due to sickness or an injury, you are not able to perform the substantial and material duties of your occupation, even if you are at work in another occupation. Your occupation means the occupation (or occupations, if more than one) in which you are gainfully employed for the majority of the time during the 12 months prior to the time you become disabled. If you have limited your occupation to the performance of the substantial and material duties of a single specialty, we will deem that specialty to be your occupation provided that your industry widely recognizes that occupation as a specialty. Our definition of disability has purposefully been designed to allow an individual who is receiving disability benefits to continue to collect benefits and simultaneously be employed in another occupation. For example, a surgeon who is no longer able to perform surgery and is deemed to be disabled, may receive benefits while continuing to work as a professor of medicine.
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