Certain high-income employees can be underinsured under a standard group LTD policy due to their high income. Multi-Life Disability coverage is a great solution for companies that want to provide additional coverage for a select group of employees, such as executives.
High income employees and executives are adversely selected against with traditional group Long Term Disability Insurance plans. While LTD coverage typically protects 60-65 percent of their income, they are limited by the maximum monthly benefit amount which typically does not exceed $20,000 per month. Multi-Life Disability coverage provides the high income earners an additional amount of DI protection.
Orion can help you deliver Multi-Life policies with valuable benefits for high-income earners. These policies offer a very simple way of ensuring that high-income earners have the level of disability protection that they need. The added benefit for the company is that they can keep their LTD costs down by tailoring coverage to fit the majority of employees. Multi-Life plans also offer additional advantages including discounts, portability and minimal or no medical underwriting.
Ask you client the following: