Discussion in 'Disability Insurance Forum' started by L5tc, Mar 12, 2016.
You should contact Tahoe Ray. He does a lot of business in NY.
Yes - Keyperson is available. Contact your local DI brokerage specialist. If they cannot assist, we can certainly assist.
Lloyds of London is the only company I am aware of offering it in NY.
Guardian and Mass both offer it in NY. MoO might too.
I work for a BGA that represents all 3 of those agency's and Key person is not on any of their platform. Maybe they are available to their captive agents.
Its not a specifically labelled key person product. But their normal individual DI can be sold as a business owned key person policy. Just like pretty much any life insurance policy out there can be sold as a key person policy.
Guardian even offers a lump sum option which is perfect for a business policy. I think Mass offers it as well if I remember correctly.
I understand now. The only thing I do not like about doing that is that will count as inforce coverage when they are looking for personal coverage.
So the Guardian policy pays the business a lump sum and/or monthly benefit in the event of a DI claim on a key person?
I was under the impression that only Principal and Northwestern had those policies (and of course Lloyds/Petersen, as noted above.)
Yes, Guardian has a lump sum payment rider that provides a Lump Sum Benefit Amount equal to 35% of all Total Disability and/or Residual Disability Benefits paid under the Policy at the Policy Expiration Date.
Like I mentioned before, this is an individual policy and will affect what the client would be able to cover himself for.
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