Multi-Life Guaranteed Standard Issues (GSI) - Law Firm
All partners and Chief Executives of well-known national law firm earning in excess of $800,000 annually; approximately 150.
With many of the firm’s partners earn upwards of $1 million, our broker wanted to design a solution to provide the highest possible income replacement ratio for those who are underinsured with the company’s domestic disability plan. All individuals who are eligible currently maintain $35,000 of disability insurance in-force through traditional carriers. With 150 individuals underinsured for income replacement, the firm sought to provide a voluntary disability insurance plan.
It was agreed by the employer to stay competitive amongst top law firms in the US, a voluntary program should be offered to their highest earners with additional income protection.
Exceptional Risk Advisors was able to extend a multi-life Guaranteed Standard Issue (GSI) policy to the law firm and establish supplemental coverage in addition to the existing $35,000 of coverage already in place through traditional carriers. In the event of temporary total disability of a covered individual, we were able to offer an additional monthly benefit of $35,000 and a lump sum benefit of $4,000,000 should the insured become permanently disabled.
The solution was cost effective, but more importantly the firm gained the peace of mind knowing its assets were protected, allowing its partners to feel appreciated and adequately insured.