Key Person DI Available in New York?

Discussion in 'Disability Insurance Forum' started by L5tc, Mar 12, 2016.

  1. L5tc
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    L5tc Well-Known Member

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    Anyone? Anything?

    TIA!
     
  2. GreenSky
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    GreenSky Well-Known Member

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  3. TPetersen
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    TPetersen Well-Known Member

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    Yes - Keyperson is available. Contact your local DI brokerage specialist. If they cannot assist, we can certainly assist.
     
  4. fjohnston
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    fjohnston Member

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    Lloyds of London is the only company I am aware of offering it in NY.
     
  5. scagnt83
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    scagnt83 Well-Known Member

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    Guardian and Mass both offer it in NY. MoO might too.
     
  6. fjohnston
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    fjohnston Member

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    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.
     
  7. scagnt83
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    scagnt83 Well-Known Member

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    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.
     
  8. fjohnston
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    fjohnston Member

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    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.
     
  9. Tahoe Ray
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    Tahoe Ray Well-Known Member

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    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.)
     
  10. fjohnston
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    fjohnston Member

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    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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