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I am pleased to announce The Standard's newest mandatory guarantee issue program for 4A and 5A occupation classes: the 5 – 9 Lives Guarantee Issue Program. I think you will be pleased with the increased guarantee issue opportunities this new program will present to you for small GI IDI cases and the carve-out opportunities it provides to mid-sized employers.
Happy selling,
Mike Feuerstein
Manager, Guarantee Issue |
Under this program for 4A and 5A occupation classes, you can now quote up to $2,500 in mandatory GI IDI benefits from The Standard, with any carrier's underlying Long Term Disability (LTD) coverage. GI IDI rates are gender-neutral and discounted 20%.
When there is no underlying LTD, The Standard can issue this GI coverage using the criteria noted in this earlier GI NEWS.
Features:
- Available to occupation classes 5A and 4A, earning $50,000+.
- The maximum monthly benefit for five or six lives is $2,000.
- The maximum monthly benefit for seven to nine lives is $2,500.
- The program is available on a taxable or non-taxable benefit basis. Taxation and coverage schedules apply per normal GI underwriting guidelines.
- Employers can offer this program to eligible members in a prequalified employee group, such as an executive carve-out, based on salary or job title. The program could also be offered to eligible employees of a small business.
- The Catastrophic Disability Rider, Own Occupation Rider and Residual Disability Rider are available at the case level.
Minimum Requirements:
- 100% mandatory participation;
- Noncancelable Rider;
- $500 minimum benefit.
The maximum benefit under the 5 - 9 Lives Guarantee Issue Program is determined by the number of insurable lives schedule, and the second highest benefit amount rounded up to the nearest $500. For example, in a case with seven lives, where the highest income earner qualifies for a $2,500 GI benefit and the second highest income earner qualifies for a $1,700 GI benefit, the maximum benefit offered for the case would be $2,000. |
