Focus on Business Disability Insurance Products

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1 Focus on Business Disability Insurance Products A Continuing Education Course for Life & Health Insurance Producers For educational & training purposes only. Not for use with the general public Agenda for Today The risks & Impact of disability on business Products 1. Overhead Expense 2. Business Reducing Term 3. Disability Buy Out 4. Multi-Life GSI (Guaranteed Standard Issue) 5. RPP (Retirement Protection Plus) Basic definitions & policy benefits Optional benefits & premiums Tax issues Markets 2 1

2 The Risk of Disability The chances of being disabled for 90 days or more vs death Age 30 Age 40 Age 50 Death Disability Source: 1985 Society of Actuaries - CIDA Table 3 The Risk of Disability Disability is 16 times more likely than death to cause foreclosure on a home Source: U. S. Housing & Home Finance Agency,

3 Disability & the Small Business 48% of small businesses fail due to a disability in the business 70% of small businesses DO NOT provide disability protection for employees * Source: LIMRA International 5 The Risk of Disability The odds of a long-term disability striking one or more business partners 100% 80% 60% 40% 20% Age 30 GROUP SIZE: Age 40 Age 50 Age 60 One Two Three Four Five Six Groups consist of equally weighted average of males and females in all occupation classes. Based on 1985 CIDA Table; disability lasts 90 days or more. 6 3

4 The Risk of Disability When a serious disability strikes, it can take a long time to recover Age 30 Age 40 Age 50 Age 55 *The chart shows the average length of a disability that continues beyond 90 days. Source: 1985 Society of Actuaries CIDA Table 7 Overhead Expense A Continuing Education Course for Life & Health Insurance Producers For educational & training purposes only. Not for use with the general public

5 Overhead Expense Policy Purpose of the contract During disability of the insured professional or business owner reimburses covered expenses incurred in the daily operation of the business Excellent sequential sale to a Qualified Sick Pay plan or personal DI, or... Lead with Overhead Expense first 9 Overhead Expense Policy Mechanics of the policy A reimbursement contract Monthly reimbursable expenses covered up to the stated maximum monthly benefit Unused benefits can be carried over to a subsequent month Expenses will continue to be reimbursed until the aggregate maximum benefit is paid (up to twice the policy benefit period) 10 5

6 Overhead Expense Policy Covered expenses include: Mortgage or rent & utilities Lease payments Depreciation or scheduled installment payments of principal of debt Installment costs of furniture or equipment Taxes on business property Property & liability insurance premiums Employee s salaries Janitorial, maintenance & laundry services 11 Overhead Expense Policy Professional replacement benefit covers salary of a replacement hired to continue the services of the owner Available as extra cost rider or Included in base policy benefits 12 6

7 Overhead Expense Policy Waiting period 30, 60 or 90 days Benefit periods 12, 18 or 24 months Benefits may be carried forward past the policy benefit period 13 Overhead Expense Policy Taxation Issues Premiums for overhead expense coverage are deductible Policy benefits are taxable; however, the benefits are used to reimburse covered business expenses, which are deductible 14 7

8 Overhead Expense Policy Optional Benefits Future Purchase Option gives insured the right to increase the maximum monthly benefit without evidence of medical insurability Residual Disability pays a portion of the maximum monthly benefit if the insured is partially disabled 15 Overhead Expense Policy Premiums Overhead Expense premiums usually are level Gender-specific, except for MT, sometimes MA or MI Based on insured s age nearest birthday or age last birthday. No-tobacco-use discount 20% to 25% Group billing discount 10%/15% Association discount 10%/15% 16 8

9 Business Reducing Term A Continuing Education Course for Life & Health Insurance Producers For educational & training purposes only. Not for use with the general public The Opportunity Do you have business owner clients who have Borrowed money for an expansion? Recently purchased a business or practice? Offered a guaranteed employment contract to a key employee?

10 What is Business Reducing Term? Insures against a total disability that prevents your client from meeting fixed obligations*: Business loans, where repayment depends on talents of a key individual Purchase agreements Salary or performance guarantee contracts *financial obligations requiring periodic payments and expiring at a given time Overhead Expense is NOT the right answer! And, assigning personal IDI coverage to protect these obligations is ill advised

11 A Disability Can Happen You ve identified the need for business life insurance But did you know? A male aged 35 years is 4.1 times more likely to be disabled before age 65 than he is to die* At age 45, the odds are 4.4 to 1* Disability of the owner is a leading cause of small business failure** *Commissioner s Individual Disability Table, 1985, and Commissioner s Standard Ordinary Mortality Table, Statistics vary depending on the applicant s gender, age, occupation and medical history. **LIMRA International BRT: The 100% Solution BRT covers Loan obligations: up to 100% of the monthly payment Employment contracts: up to 100% of the after-tax cost of contract payments Business loans, where repayment depends on talents of a key individual Purchase agreements Salary or performance guarantee contracts BRT coverage issued in addition to personal DI

12 Selling Business Reducing Term Find the obligation and you ve found the sales Owners and professionals know they are on the hook Separate the specific loan obligation from other overhead expenses How Does BRT Work? DECREASING TERM LIFE INSURANCE REDUCING TERM DISABILITY INSURANCE $25,000 $1,000 Face Amount Monthly Indemnity Full Amount Payable Until Issue Term Ends $0 Issue Term Ends $

13 How Does BRT Work? Conditionally renewable to end of specified term renewal refused only if lack of insurable interest or reduction/termination of economic need for the policy your obligation: conduct an annual review Premiums are level & sex-distinct Available in all states except FL, MT, NC, SC, VA How Does BRT Work? Coverage lasts for a specified term 5 to 30 years policy term = length of the obligation coverage cannot extend beyond age 60 Elimination Periods: 1, 2, 3, 6, 12 months Benefits paid during disability up to the end of the specified term

14 How Does BRT Work? Benefits payable directly to the loss payee Loss payee = holder of the obligation Indemnity policy not reimbursement Issue ages: 18 to 55 (age last birthday) Issue limits: Minimum: $1,000/mo. ($500 if other Guardian or Berkshire coverage in force) Maximum: $22,500/mo.* *Maximum available issue limit determined by duration of the financial obligation BRT Maximum Issue Limits Term BRT Term BRT (In Years) Issue Limit (In Years) Issue Limit 5 $22,500 6 $19,500 7 $17,100 8 $15,300 9 $14, $12, $12, $11, $10, $10, $ 9, $ 9, $ 9, $ 8, $ 8, $ 8, $ 7, $ 7, $ 7, $ 7, $ 7, $ 7, $ 7, $ 6, $ 6, $ 6,

15 How Does BRT Work? Total disability only unable to perform all the substantial and material duties of your occupation; and, you are not actually at work in any occupation or profession. Benefits payable directly to the loss payee Loss payee = holder of the obligation Indemnity policy not reimbursement Premiums waived during total disability lasting more than 90 days Applying for BRT is Easy Proof of obligation loan agreement, employment contract, etc. Streamlined medical underwriting Use application form #DI AP-2003 California only: Guardian form #AP2-96 CA Applications at Berkshire e-forms Center Agency administrators will direct all BRT applications to the Spokane Underwriting unit Submit combination IDI & BRT applications to the Pittsfield office

16 Marketing & Sales Support Client brochure (Pub1623) Imprintable ads, flyers and pre-approach letters that can be viewed and ordered through the Marketing Tools Catalog available on National Sales and Product Support Center: , select option

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