Short Term Disability Insurance Plan (Accident/Dismemberment)
Short Term Life Insurance (Failure to Survive)
When should you consider a plan? When time is of the essence!
Short term disability insurance is normally an insurance plan that covers an individual for a period of 2-5 years. For the sake of this article, we are assuming that the terms short term disability and short term life are policies that are written for a term length of not more than 12 months.
Some people will accurately interpret short term disability to mean “A policy that will pay benefits immediately while waiting for the elimination period of their main disability insurance policy to end” and this is a correct use of this term.
However, I am, for this article, speaking about the contract length only.
As a business owner, you need to close quickly on a loan, venture capital infusion, or escrow to get the necessary capital into your business. A bank, venture capitalist, or lending institution will require a term life insurance or a disability insurance plan be in place prior to closing.
Understanding that you have applied for a standard life or disability plan, but also realizing that it may take up to 60 days or longer for that plan to be in force, you need a solution that will fill this timeline gap.
Or perhaps you or your executives are going to a global “hot spot” for temporary work assignment or job?
Short Term Disability Insurance (written as accident only plans) and Short Term Life Insurance (written as failure to survive) plans are designed for these exact reasons.
These short term plans are written for 12-month lengths and you simply make payments until your other plan goes in force or until you no longer need the plan.
Basic underwriting guidelines:
- Term Life Plans – Available for third party business situations only
- Short form two page application
- High limit coverage amounts
- Must provide financial justification for the term life plan
- Not every state allows for these plans
You can have a decision in as little as 48 – 72 hours.
Accident Insurance (short term disability plan) – covers the following:
- Accidental Death or Dismemberment: 100%
- Loss of use of two limbs 100%
- Loss of sight of both eyes 100%
- Loss of use of one limb 50%
- Loss of hearing in both ears 50%
- Loss of speech 100%
- Sudden cardiac arrest 100%
Accidental death and dismemberment plans can be purchased online. Request your quote from the form on the left and indicate your need in the comments.
At www.highincomeprotection.com, we offer disability and life insurance plans to accommodate almost any situation. Contact us today for a confidential discussion about your needs.
Our toll-free number is 888-636-2310.