When you rely on the performance of your body to bring home your paycheck, any disability is a costly disaster. High-Limit Disability Insurance can protect you should the unfortunate occur.
OnMarket Insurance Associates offer several distinct insurance coverage options to protect you should disability strike. These policies are special, and designed for people who are ineligible for regular disability coverage … possibly because your income requirements exceed the maximum benefits allowable under traditional disability plans.
High Limit Disability Insurance (HLDI)
This option is designed to make up for a short-fall that a high-income earner (typically over $350K) may face with individual disability plans. As your income increases, less is actually protected by traditional disability coverage.
EXAMPLE: A client earning $600,000 should have 65% of their income ($32,500 per month) covered. However, most group and individual plans only provide up to $15,000 per month in coverage. Leaving the client short up to $17,500 per month in income, and that could really hurt.
HLDI plans make up this difference by adding a policy on top of our client’s group LTD and/or individual disability plan. HLDI has many unique features such as: benefits of $200,000 a month or more, ability to cover clients globally and the backing of Lloyd’s of London.
The OnMarket HLDI Group Advantage
Group HLDI plans offer even more unique features like:
- No Medical Underwriting
- Premium Discounts
- Benefit Amounts that match your individual needs
HLDI Plan Designs
We have 3 basic plan designs available for HLDI coverage, but give us a call to talk about your needs. Plans can be further customized by adjusting elimination period, benefit payout period, contract period and other variables – we have unlimited ways to write the coverage you need.
Level Amount
When your life is going through a disaster, having just a little bit of stability can make all the difference. Level Amount provides you with the same monthly benefit amount for up to 5 years.
Level Amount with a Back End Lump Sum
Combining a Level Amount with a back-end payment is a popular option because it removes concerns about the 5-year payment limit. Additionally, back-end lump sums can be as high as 5X your income.
EXAMPLE: Our client with the $600,000 income would now have a total benefit payout of $4,050,000.
Athlete Disability Insurance
Professional athletes place an immense strain on their bodies as part of their job, and typically have a limited number of years to earn their living in comparison to more traditional occupations. Due to the nature of competitive sports, a career can end instantly due to an injury.
Loss of income generally includes:
- Cost of Agent or Manager
- Unearned Income from a Contract
- Loss of Income for Endorsements
- Other Income Directly Linked to the Athlete’s Ability to Play Competitively
Athlete Disability Insurance Plans are built for …
- Professional Athletes needing benefits payable for temporary and permanent disabilities.
- International Athletes in overseas leagues may have limited or no disability coverage. Protect your future earnings by securing a policy against a career ending disability.
- Collegiate & Student Athletes who show promise of a professional athletic career need to protect the future earning potential of that career. Talk to us about the potential of lump sum benefits in excess of $1,000,000.
Expatriate Disability Insurance
U.S. citizens working overseas may find it difficult to secure quality disability coverage. Some countries either restrict offering coverage to foreign nationals or simply do not have the capacity to offer quality coverage. OnMarket Insurance Associates offers group and individual international disability coverage to protect a range of occupations, including: Construction, Mining, Oil Drilling, and more.
High-Risk Zones Disability Insurance
We have over a decade of experience in providing a wide range of benefits for people working in high-risk areas of the world such as Afghanistan, Iraq, Sudan (and now South Sudan) and other flash points. We are able to broker coverage that includes war and terrorism benefits for large corporations and individuals.
Consultation
Our clients’ needs are never alike. This is where our expertise in identifying problems and providing solutions makes us different. Contact OnMarket Insurance Associates for a free consultation.
Any questions?
Is it possible to get my disability payout as an up-front lump sum?
Some clients would prefer to have a lump sum payment rather than take monthly payments. An up-front lump sum of up to 10X annual income can be purchased. In our example, our client who earns $600,000 would receive a $6,000,000 lump sum benefit payment.
I’m not interested in calling an operator when I need something. Will I have someone dedicated to my account that I can rely on?
Not only is the answer to this question yes, but it’s one of the top benefits of working with a brokerage like ours. Our associates immerse themselves daily in the ever-changing rules of insurance and how those changes affect our clients. The goal is to be calling you before you ever even realized you needed something from us.
Learn more about our team and our company code in our About Us section.
Beyond a policy on paper, what are you doing to protect me?
Anyone can write up the policy on what happens if loss were to occur, but we think that’s just step one. Our associates study and follow insurance policy trends around the world, to structure deals that cover all possibilities for risk. We will help you find a policy that protects you, as well as doctors worldwide who can provide you with excellent care. It all starts with a conversation to identify everything in your life that’s valuable, and the risks in your life that could get in the way of your travels.
