High Limit Disability Insurance Plans
A disability can happen to anyone at any time. High limit disability insurance policies are meant to protect high-income individuals from this issue.
If you are a high-income earner, perform a high-risk job, or work in an unusual occupation, getting proper high limit disability insurance coverage can be a challenge but is also very important. Purchasing high limit disability insurance can protect your family, your assets, and your lifestyle. We are here to help make sure that all of your education, hard work, and ingenuity aren’t lost due to a long-term disability.
Are You an Employee?
If you are employed and are a high-income earner, you may not be adequately protected. Group carriers can and do place limits on payout benefits. You need to check with your HR and understand your disability insurance plan benefits.
The biggest challenge is normally with executives and sales people. These professions face two major hurdles:
#1 You Make Too Much Money
Most group plans are structured with rank and file in mind. It is not uncommon to see benefit limits as low as 10k per month on a group policy. If you make more than 200k per year, then this limit can be a problem.
If you have substantial savings to weather one or two years of income loss, then this may not be critical to you. However, most high-income workers need additional coverage. Often, this comes from high limit disability insurance, which is meant to build on their existing group coverage.
Typically, we add individual disability coverage first. This is primary coverage and is typically paid in addition to your group coverage. This is not always the case, though. If your group coverage has an offset for social or individual coverage, you might want to discuss this with your HR department. We are happy to help your company improve their existing plan.
If the individual addition is not sufficient, we can also build onto your disability insurance protection by using supplemental coverage. This coverage is normally only necessary for top salespeople, managers or executives. A group plan plus an individual plan can often cover most high-income professionals/employees.
That being said, if you make more than 600k annually, you might consider getting supplemental coverage in addition to the other two policy types described above.
#2 You Make a Substantial Amount of Bonus Income or Commission
Your policy through work might not be enough if you make a large amount of your income through any means but salary.
High limit disability insurance is meant to protect ALL of your income, not just your salary. Should you be unable to perform your specific job duties due to sickness or injury, a personal disability insurance plan will provide what a traditional group plan won’t provide, paycheck protection.
The ability to protect your bonus, commissions, and salary is critical and the reason why a number of high-income earners tend to purchase additional coverage outside of their work benefits.
Are You Self-Employed or Do You Have an Unusual Occupation?
Your current plan may also put limits on the maximum benefit amount or perhaps you have been declined. We can provide primary or supplemental coverage. Self-employed individuals typically have a difficult time getting high limit disability insurance.
This is due to the fact that most people who are self-employed try to eliminate as much of a tax burden as legally possible. This works against them when applying for disability insurance.
Like getting a mortgage, unless you can show substantial ACTUAL income, most disability insurance carriers will be unlikely to cover you for what you require.
This fact can be mitigated with the right plan. A few individual disability insurance policies will provide a bump in income for self-employed individuals.
If you’re self-employed and looking for disability insurance, then making sure that you have the right carrier and policy will help ensure that you qualify for the maximum benefit amount.
In order to maintain your current lifestyle, most financial experts agree that you will need up to 65% of your current income.
At www.highincomeprotection.com we offer high limit primary, supplemental, multi-life, and group disability plans.
The primary plans include all of the major players in the disability insurance space. For white collar professionals, companies like Berkshire (Guardian), The Standard, Principal, and Ohio National are all represented. High-income blue collar professionals have companies such as Assurity, Illinois Mutual, and Mutual of Omaha to protect their needs.
Our high limit supplemental plans, offered through Petersen International (a cardholder for Lloyd’s of London), are 5-year plans. They can be renewed subject to review.
Plans are designed for people with no coverage to supplemental/excess coverage to existing disability insurance. If you need higher amounts of coverage or coverage but have health issues, high-risk avocation, unusual job etc. then these plans are suited for those needs.
Click on the Orange title for details of each plan:
Personal Disability – For self-employed, unusual occupations, supplemental to existing plans
Key Person Disability – Losing a key person can be devastating, protect your company against this loss
Executives – For high-income executives
Physicians and Surgeons – Primary or excess coverage plans
Dentists – Primary or excess coverage plans
Entertainment Industry – Sporadic income, unusual occupations, monthly benefits from $1,000 – $100,000
Athletes – Risk of injury, high limit plans, draft protection, loan protection plans
Brokers / Traders – High incomes that can sometimes be sporadic
Legal Profession – Primary or excess coverage
Chiropractors – Primary or excess coverage
Pilots – Corporate, helicopter, charter operations, firefighting pilots, stunt and test pilots
Blue and Gray Collar – Special risk, international, unusual occupations
Short Term Disability Insurance – Short-term accidental death and dismemberment plans with high limits
What We Do
No matter what type if income protection insurance you need, from individual disability insurance to high limit disability coverage, we’re here to help. Let us know what type of disability insurance you’re looking for and how we can help.
Fill out the quote form to the left or call us directly at 888-636-2310. We look forward to hearing from you.