- 10,812
As long as you get contracted with whatever carrier you want to write you can write it yourself.
Disability Insurance for Agents
- Thread starter Tennesseehorn
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- disability
As long as you get contracted with whatever carrier you want to write you can write it yourself.
I believe Principal simplified issue is up to a $4000 monthly benefit. Keep in mind that just because you have that benefit doesn't mean you'll qualify for it. The benefit paid at time of claim is determined by your pre-disability income. The monthly benefit amount the policy is issued at is simply a maximum.
- 711
I believe they give out 50% FYC and 10% years 2-10 to just about anybody with a license.
About 5-6? years ago they had a program where they offered a GSI type DI policy to ING agents.
- Thread starter
- #14
Just to clarify, I'm talking about LT and not ST. I assume all information is about LT.
- 10,812
Yes.
If you cant float a couple of months expenses you are in trouble in this business. I see STD as pointless unless someone lives paycheck to paycheck... even then they should save up an emergency fund and then get LTD.
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- #16
Thought so. I have the elimination time covered. I want to thank everyone for their input. I will take a look at Principle and other companies for my options.
- 10,812
One thing to be aware of with Principle is their definition of disability for Own Occupation.
They include a clause that states:
"for Total Disability under the rider, there must also be no reasonable job or work site modifications which would allow you to work in your occupation."
Compare that to Guardian which is simply:
"Solely due to injury or sickness you are not able to perform the material and substantial duties of your occupation,"
So if you cant go into the office each day... but hypothetically you could sit in bed and do tele-sales, there is a chance that Principle might not consider you totally disabled and would just pay a partial benefit.
The most important thing about a DI policy is the definition of disability and how it relates to your job.
- Thread starter
- #18
Also a good point. Do I go through a guardian agent or contact guardian directly?
- 10,812
If you want to purchase through an agent then go through a Guardian agent.
If you want to write it on yourself then contact your regional/state office and do a broker contract.
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- #20
