Multi-Life Guaranteed Standard Issues (GSI) - Law Firm
Client
All partners of a well-known national law firm earning in excess of $700,000 annually; approximately 150.
Situation
With many of the firm’s partners earn upwards of $1 million, our advisor 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 partners underinsured for income replacement, the firm sought to provide a voluntary disability insurance plan.
Assessment
It was agreed by the benefits manager to stay competitive amongst top law firms in the US, a voluntary program should be offered to their highest earners for additional income protection.
Solution
Exceptional Risk Advisors extended 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 partner, we offered an additional monthly benefit of $35,000 for 120 months or until age 70.
Result
The solution was cost effective, but more importantly the partners gained the peace of mind knowing they were adequately protected.