Our brokers have come to trust us for the lowest premium rates and white glove service when it comes to statutory benefits, including DBL in New York, TDB in New Jersey, TDI in Hawaii and, now, Paid Family and Medical Leave in the New England states.
But, through our long-term relationships with top-rated carriers, we also provide a variety of other benefits to assist not just employees, but executive employees and business owners. After all, when accident, illness, or injury strikes, financial hardship does not just affect middle management or hourly wage workers. The pandemic taught us a stark lesson. Financial misfortune can strike anyone, at any time.
For many executive level employees, the right group benefits and disability insurance can help them avoid tapping into retirement investments or high-yield investments for day-to-day expenses. Instead, they can pay low premiums over time and receive the money they need to maintain their standard of living or, in the case of business owners, meet overhead costs to stay in business.
Bundling these executive benefits with ancillary benefits for all workers is often an easy sell. The ones who benefit most from executive carve-outs for life and disability, key person insurance, and enhanced dental and vision benefits are also the decision makers when it comes to employee benefits. They will want to take advantage of the products that not only increase employee satisfaction, productivity, and retention, but also benefit themselves.
Take a look at seven areas The DBL Center can help you serve your customers with group life, enhanced disability, long-term disability and other ancillary benefits. Then give us a call so we can help you quote the lowest rates and appropriate coverage levels for your clients.
Carve-Outs for Individual Life and Disability
Hiring employees at any level is difficult right now. But your clients recognize that their most important employees are their moneymakers – the high-earners who bring in the business, generate the profitable ideas, and contribute to the DNA of the company and its brand.
Carve-out plans enable businesses to provide individual life insurance and disability coverage beyond what the organization’s group benefits provide. These benefits can help entice top talent to remain within your organization. There may also be tax advantages to executive carve-out plans.
Disability or Life Insurance to Fund Buy-Sell Agreements for Partnerships
Partners and co-owners within a business often have buy-sell agreements that stipulate terms in case one partner dies. But if a person should suffer a long-term disability, the buy-sell agreement may not cover that contingency.
A disability insurance policy that includes a buy-sell agreement can provide the funds for salary replacement in the case of short-term or long-term disability. It can also be used to buy out the business if the disability is deemed permanent. Executive partners and co-owners should consider enhancing their policy with these benefits to protect themselves, their family, and their income in the event of accident or illness.
Buy Up Coverage for Long Term Disability or Life Insurance
Buy-up coverage is similar to executive carve-outs, but can be offered on a voluntary basis to any high-income earners or executives. It is not for an elite group that the company owners may deem “irreplaceable,” but to any executive employee who wants to pay for the additional coverage.
Buy-up coverage could deliver as much as 66.67% of an employee’s earnings, up to a maximum benefit of $10,000 in some cases. Depending on the carrier and plan, these numbers may vary. Your DBL Center representative can help you find the plans that are best for your top employees, and they can be provided on a cost-share or completely voluntary (employee-funded) basis.
Business Overhead Insurance
Sole proprietors and small business owners face unique needs and challenges when it comes to their own health and mortality. Business overhead insurance, written as a rider to long-term disability benefits, can help pay a business owner’s expenses to keep the business running even if they are unable to work or an extended time period due to disability.
Key Person Insurance
Similar to executive carve-outs for the individuals who are most valuable to a company’s bottom line, key person insurance covers the business if something should happen to an owner, key executive, or top moneymaker.
If a business could not run, or would not be successful, without a certain individual, key person insurance protects the company if that person dies or becomes disabled. The company is named as the beneficiary of the insurance. Sometimes, this product is called “business life insurance,” as it protects your business in the event of the death of key personnel.
Long-Term Care Insurance
Long-term care insurance is becoming more popular than ever as people recognize the value of not having to rely on family members to care for them as they age. Long-term care insurance protects the employee or executive’s assets, and provides a daily amount of money for care should they become ill or disabled.
LTC can be offered as a group benefit, bundled with other ancillary benefits to keep premiums low. Like other benefits, it can be fully funded by the employer, funded by the employee on a voluntary basis, or the premium costs can be shared.
Individual Dental and Vision Coverage with No Waiting Period
When employers shop for dental and vision coverage, they want to know that they can work with their choice of providers locally. They want low deductibles, coverage for most services (including preventative treatments and regular check-ups) and no waiting period for new employees.
If you’d like to offer your clients these advantages with dental and vision coverage, The DBL Center can help. Thanks to our decades of carrier relationships and the ability to bundle ancillary benefits with short-term disability and other statutory benefits, we can help you write the policies that deliver what your clients want in today’s competitive business environment.
Reach out today for more information.
