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High Income Protection Insurance

High Income Protection Insurance
A disability can happen to anyone, at any time.

Losing your monthly income can have devastating results. This is especially true for High Income Individuals or those that are Self Employed.

Disability insurance , sometimes known as Income protection insurance,  will guard against the depletion of your savings or the selling off of assets to meet your monthly expenses during your rehabilitation period. Most financial advisers agree that 65% of someones current monthly income, is needed, to continue in their current lifestyle.

Aren’t most people covered by a plan that is provided by their employer?

Yes, however,  for those with higher incomes of $150,000 or more, there are some shortfalls that need to be considered:

  • Most plans cap out at a % amount or dollar amount. For higher income individuals , this leaves a financial gap that needs to be protected.
  • Employer paid plans will make the benefit amount taxable income, thus further reducing your take home benefit
  • Most employer paid plans  do not include bonuses or commissions, thus further reducing your monthly benefit. You may make $200,000 a year, with bonus and commissions, but if your salary is $100,000 a year, your employer plan will be based on that amount and not the $200,000.

For this reason, we offer Supplemental / excess Disability Insurance for High Income individuals.

Self Employed Income Protection insurance, have you been declined?

Most traditional carriers will decline the self-employed for a number of reasons. Examples can be: Working from home, Part time hours, Fluctuating income/ Capital Gains income, High-risk work, High-risk hobbies or the big one, health. I encourage you to first get as much permanent disability insurance as possible and then we can supplement that plan to meet any coverage gap.

I can, of course,  assist you in getting standard DI plans through a traditional carrier.

What type of plans are available?

Personal and business plans along with specialty plans such as:

Personal Plans

Personal Self Employed / Unusual Occupation
Professional Athletes
Contract Guarantee
Loan Indemnification
Loss of Future Income

Business Uses

Business Group Plans for High Income employees
Business overhead
Buy – Sell
Buy In
Contract Guarantee
Loan Indemnification
Key person
Pension Completion
Salary continuation
This list goes on.

Other plans that I offer are, Term Life Insurance and No Medical Exam Life insurance plans. Either of these plans can be used for Personal , Buy-Sell agreements, Key Person to name just a few.

Summary

High Limit Disability insurance plans can be customized  to meet your needs. I fully understand and realize that no two situations or needs are the same.

Please contact me today for a confidential discussion of your needs. My Toll Free number is 888-636-2310.

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