I have a small law firm that I handle Health for. I mentioned LTD to them in the past and now the two partners want LTD. Female is 34 good health and the Male is 37 in good health. I know his income is $330K, not sure about hers yet. What is the best strategy as far as structuring the details, such as elimination periods, maximum benefit, etc? Any recommendation on the best carrier and premiums? I rep many companies but mainly on the Medicare side of things. I can offer LTD through Mutual/United of Omaha, maybe others but need to look. The state is GA. Thanks in advance!
Best LTD Choice.........
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- 10,326
If they are 50/50 partners her income is likely to be the same. Is that base income or total income?
Guardian would be the way to go. Ameritas would be my 2nd choice. The definition of disability is much stronger with them vs. all the others.
Neither will cover the whole $330k though I dont think. So if they want 100% replacement you will need to layer Lloyds on top of it. You can access Lloyds via Petersen Int or Crump Special Markets.
I would first get an idea of how much in premium they are willing to pay for this before looking into layering Lloyds on. Show them Guardian, then if they want more add Lloyds on.
I would also recommend BOE to them as well. Ask if they could make overhead if 1 of the 2 became disabled and could no longer take clients.
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Thanks for the info! I don't offer Guardian- just Omaha for LTD. What are your thoughts on the DI Choice product?
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Im not a fan, especially for white collar. They only offer Own Occ for 2 years, after that it is Any Occ.
Both Guardian and Ameritas offer true Own Occ for the entire benefit period.
Do whats best for the client and get appointed with either Guardian or Ameritas. It costs you nothing but a tiny amount of time to do it. But not doing it could cost your client hundreds of thousands in missed benefits.
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Omaha is crap for an attorney or other high-paying white collar job. I would suggest partnering with an experienced DI agent and splitting the cases. A good agent should be able to help you understand the complexities of DI so it will be a learning experience for you too. There's good money in it if you know what you're doing.
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I agree that MOO is a poor choice for any white collar case.
Guardian, Mass Mutual, Met Life, The Standard, Ameritas, and possibly Principal or Ohio National are all solid options to look at. Those are considered the "Big 6/7" real players in the market.
Either get appointed with a good DI Brokerage or bring in a pro to split it with.
PM me if you want some rec's for someone to broker this through.
Guardian, Mass Mutual, Met Life, The Standard, Ameritas, and possibly Principal or Ohio National are all solid options to look at. Those are considered the "Big 6/7" real players in the market.
Either get appointed with a good DI Brokerage or bring in a pro to split it with.
PM me if you want some rec's for someone to broker this through.
So you add Extended Own Occ as a rider, what is the problem? It comes down to the cost. Can you show me some sample quotes?
There's a lot more to it than just the own-occ definition...
Can you elaborate please? I would like to learn more about DI. I've met lots of happy Mutual of Omaha disability clients, but I'd like to be more objective & better educated about this.
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Are those happy MoO clients white collar professionals currently on disability claim? If not then your point is moot.
The fact that Own Occ is a Rider or isnt a Rider does not matter, the definition of disability which is not as strong as Guardian or Ameritas is the main issue. But when things are a rider and not part of the base policy it usually starts to increase the premium vs. policies that include it.
Even MoOs own DI marketing materials say that the product is for middle market clients and not high end clients. This thread is about lawyers earning $300k per year...
Another key point is that MoO is just Guaranteed Renewable and Guardian is Non-Can.
But a DI policy is only as good as the definition of disability and how it relates to the insured.
And if you are selling on cost then you are doing your clients and yourself a huge disservice. Sell value & quality, not price. A DI policy with a definition of disability that does not fit the client is worthless no matter what the premium is.
But other than Own Occ, there is:
Presumptive Disability Provisions
Catastrophic Disability Provisions
Future Increase Options
Cola options
Auto benefit enhancement
Waiver of Elimination
Waiver of premium
Residual Benefits
Non-Cancellable or just Guaranteed Renewable
Conditionally Renewable after benefit period
And on every one of those issues Guardian has a more comprehensive option than MoO. Some of those MoO does not even offer.
Are you a MoO agent??
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