Case of the Quarter: National Retailer Adds GSI IDI to LTD Coverage
The case for this quarter focuses on a national homeopathic products retailer that added an executive plan for its company’s senior directors and higher-level executives.
This retailer already had a group LTD plan. However, it left substantial income protection gaps for the company’s highly compensated employees. By adding Guaranteed Standard Issue Individual Disability Insurance, the company increased financial protection for its executive employees. And their employer-paid Platinum Advantage GSI plan covers salaries, as well as bonus income.
The retailer also enhanced employees’ coverage by adding riders to their plan. These riders included a Noncancelable Policy Rider, Catastrophic Disability Benefit Rider and Basic Residual Disability Benefit Rider. With the number of employees covered, this employer client was able to take advantage of convenient, online enrollment.
The strength of this new plan allows the client to provide a key layer of protection for its HCEs and helps safeguard their financial futures. This key benefit also helps the employer retain and attract leadership talent.
Industry National Retailer of Homeopathic Products |
GSI Plan Size 15 lives for senior director and higher |
In-Force Group LTD Coverage 66.67% to $6,000/month (insures salary and bonus) |
GSI Solution 75% to $15,000/month (insures salary and bonus) |
Additional GSI Benefits Basic Residual Disability Benefit Rider Noncancelable Policy Rider Regular Occupation Extension Rider Catastrophic Disability Benefit Rider Limitation for Mental Disorder and/or Substance Abuse |
Discount 35% |
Annual Premium $71,682 |
For Producers Only
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Related Products or Services
Platinum Advantage GSI individual disability insurance is available in all states.