Key Person Coverage

A majority of companies purchase Key Person Life Insurance, but overlook the financial exposure caused by disability because they are unaware of how best to protect themselves; this is often due to the perception that there are limited product solutions, or that the options available are not worth the effort of obtaining.

What is a Key Person?

A Key Person is an individual or individuals who are instrumental to the success of an organization, whether that be a crucial relationship holder, top tier talent or a vital decision maker. When these indispensable persons are suddenly unable to work due to a Disability the fallout can be widespread and disastrous.

Product Highlights

Aggregate limits of $50M and higher
Issue Limits up to 10x income
Policy Terms: 1 to 5 years
Benefit Periods: 12 to 120 months
Elimination Periods: 90 to 730 days
Own Occupation Definition of Disability
Benefits structured as Monthly, Lump Sum or Combination Payouts
Ability to place a Guaranteed Standard Issue (GSI) policy on groups of 3 or more
Ability to layer on top of existing coverage or insure 100% of exposure
NO MEDICAL EXAMS REQUIRED!

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Sales Tips for Selling IDU's Key Person Disability Insurance

Tip 1 - Target the Right Clients

A broad range of clients are in need of Key Person coverage.

Here is a list of the top 5 business profiles purchasing Key Person Disability Coverage:

1) Business Owners & Executives

2) Sales Leaders

3) Law Partners

4) Healthcare Professionals

5) Entertainment Stars & Key Cast Members

Tip 2 - Design the Best Plan

By partnering with IDU, you can issue coverage up to 10x income, with an aggregate total benefit up to $50M. Flexible policy designs offering monthly, lump sum or combo benefit structures allows you to craft the best solution to match your client's needs.

Tip 3 - Utilize Underwriting Programs

Underwriting should not be one size fits all. Selecting the best underwriting program for your client’s specific situation allows coverage to be placed as simple and as easy as possible. Please note there are NO MEDICAL EXAMS required for any of these below options.

1) Guaranteed Standard Issue (GSI)

Available for groups of 3 or more when insuring 100% of a defined group
One page employer master application with census enrollment
Issue limits determined by group profile and benefit need

2) Streamlined Underwriting

Available for 1-life, white-collar occupations, up to age 55
Short form application and key person questionnaire
Lump sum benefit structure
10x income, up to $5M

3) Fully Underwritten

Available to all client profiles on an individual basis
Full application, key person questionnaire and medical records
10x income, up to $50M

IDU Real Life Solution

Raymond, Age 45

VP of Sales | Income of $375,000

Raymond is responsible for generating over 40% of the company's revenue. After his business purchased Key Person Life Insurance, the CFO realized there was still a risk of a disability taking out one of their key revenue drivers. In order to solve for this exposure, the company received a Key Person Disability Insurance plan from IDU.

IDU’s COMBO Solution:

$90,000 Monthly Benefit (TTD)
180-Day Elimination Period
24-Month Benefit Period
5-Year Policy Term

$1,590,000 Lump Sum Benefit (PTD)
Total Potential Benefit of $3,750,000
Benefits payable to the corporation

IMPORTANT DISCLOSURE: This is not an exact description of coverage.

The benefits, limitations and/or exclusions described are for general illustration purposes only and may vary by state and client profile.