PrivClientSG
Guru
- 364
The loss of income is going to be the X-factor. At least I think so. I don't know that any renewals are exactly the same. Generically, vested, "owned" renewals -- typically from a non-captive agent contract -- typically come in whether you are disabled. Each contract is different however as to continuation, term, etc. Captive contract renewals come in only when you validate/qualify your contract. Different companies treat a disability differently as to the contract. I know one producer, who was captive to one company, but also had a substantial amount of outside business, and he had a massive amount of high-quality "own occupation" coverage. He became disabled -- and collected based upon his captive contract -- because he could no longer perform the duties and functions of his own occupation, and after one year, had to take a "retired, due to disability" contract. There was a loss of income after about a year and a half. I don't know the details, but I do know he collected. He also had a Lloyd's of London policy which he also collected on (a lump-sum amount) after 5 years.
Yes, if you accumulate a certain level of wealth, you are ineligible for coverage. That of course makes sense, and yes you are right, that's why the question is on the app.
