Products that help you protect your clients income

Transcription

1 For producer use only. Not for use with the general public. Products that help you protect your clients income PRODUCT overview Individual disability income INSURANCE Guaranteed standard issue disability insurance To order printed version of this document, request Pub4094BL via Forms On Demand.

2 Berkshire Life Insurance Company of America and our parent company, The Guardian Life Insurance Company of America use our combined strength to provide you with a full spectrum of income protection products for individuals and businesses. Here is an overview of the products and the programs we offer. Disability Insurance Personal Income Protection Exclusive offering Income protection is one of the most important types of coverage available, because income determines not only your client s current standard of living but supports their long-term financial goals as well. That s why protecting earnings with disability income insurance is a sound decision. ProVider Plus 1, the cornerstone of our individual disability insurance portfolio, offers comprehensive coverage and a variety of optional riders. A true ownoccupation definition of disability, plus non-cancellable and guaranteed renewable to age 65 or age 67 coverage form the framework of the policy. Competitive premiums and generous issue and participation limits enhance ProVider Plus, making it the clear choice for professionals, business owners and executives. Small Business Protection Individual business owners and professionals can plan to meet their business obligations if they become disabled. We offer policies that help to protect an owner s interest in several ways: Disability Buy-Out 2 insurance is an ideal solution for funding buy-sell agreements among co-owners or partners in case one becomes disabled. Once the applicants meet specific business, financial and individual requirements, a variety of benefit provisions, riders and discounts enable the principals to structure an arrangement to suit their particular business model. Overhead Expense 3 insurance covers the normal costs associated with running a practice or small business. It also covers staff salaries and in some cases, up to 80 percent of the salary paid to the temporary replacement filling in for the disabled professional. A carry-over provision, residual disability benefit rider and future purchase option rider provide extra flexibility. Business Reducing Term 4 disability insurance is used to fund financial obligations that require regular payments expiring at a given time, such as purchase agreements, salary guarantees and business loans. This special product is not offered by any other domestic insurance carrier. Guaranteed Standard Issue Income ProVider 5 is employer-sponsored individual disability income insurance available to employee groups on a voluntary or employer-paid basis. As such, it is the perfect complement to an existing group LTD plan, especially when providing executive benefits is a program objective. This coverage is offered on a guaranteed standard issue basis with permanent discounts. You can tailor the program to suit small businesses or medium-sized companies with a variety of riders and a retirementcontribution-only protection feature. Whether it s employer-paid or voluntary, it s underwritten on a case-level basis. The program s flexible design options and seamless administration further enhance its appeal to employers. 1 berkshire Policy Forms 1400 or berkshire Policy Form AH84 in Montana provided by Guardian. 3 berkshire Policy Form NC82 in Montana provided by Guardian. 4 guardian Policy Form AH55-A. Not available in Florida, Montana, North Carolina, South Carolina or Virginia. 5 Berkshire Policy Form 1200.

3 Targeted Opportunities Employer-Sponsored Programs Qualified Sick Pay Program The Qualified Sick Pay Program is a powerful way to approach business owners. Setting up a qualified sick pay plan enables the business to continue making salary payments to disabled key employees. Disability insurance comes into play as the most efficient way to fund the plan, with premiums that are a deductible business expense. In addition, executive bonus plans (also known as Section 162 Plans) are a qualified sick pay plan providing employer-paid coverage with a tax-free benefit. Under executive bonus plans, the employer provides an income bonus to selected employees to fund their policy premiums. Voluntary Income Protection Program Many businesses would like to provide income protection to their employees, but are not in a position to fund the premiums for individual policies. Under a Voluntary Income Protection program, a firm can make individual disability insurance available at a discount with no out-of-pocket expense to the company. DI@Work guaranteed standard issue program Available to groups with a minimum of 10 eligible lives on an employer-paid basis and a minimum of 75 eligible lives on a voluntary basis. Special Programs Special Limits for Young Professionals This program is an ideal way to cultivate up-andcoming prospects who are completing their education or entering the workforce. We offer special issue limits to eligible occupations for ProVider Plus coverage with no financial underwriting requirements. Group Conversion Program The Group Conversion Program presents a unique opportunity to develop large numbers of young professionals as long-term clients. It is designed to meet the needs of specific markets: medical residents, dental students and veterinary students. Under an approved program, participants are provided with Guardian Group Long Term Disability coverage during their residency/student years. Upon completing their program of training, they may convert their group coverage to a ProVider Plus individual disability income policy. Retirement Protection Plus Program A disability can seriously disrupt your client s retirement plans. The Retirement Protection Plus program is designed to help protect retirement plan contributions with disability insurance. Association Discount Program One of the most effective target marketing strategies is to become involved with professional associations. This special discount program enables you to offer members of approved associations our highest-quality disability insurance at a 10% discount. Home-Based Business Owners Program This program of special underwriting criteria enables you to provide coverage for certain home-based business owners that other companies may not want to insure. Owners eligible for the program include those who do not have to leave their home on a regular basis, or who have clients that come to their home to conduct business. Your discerning clients deserve the best. To learn more about how we can help you, contact your Guardian disability income specialist today.

4 Product Features and Information ProVider Plus Disability Buy-Out Overhead Exp Policy Form Berkshire Policy Forms 1400 and 1500 Berkshire Policy Form 3100; Guardian Policy Form AH84 Berkshire Policy For Guardian Policy Form Use Individual Disability Income insurance protection Individual Disability Income insurance to fund buy-sell agreements Individual Disability Incom cover business overhea Underwriting Full underwriting or Guaranteed Standard Issue through the Group Conversion Program Full underwriting Full underwriti Issue Ages Classes 6 1; 6M 1M Preferred, Select and Standard 6, 5, 4 and 3 6, 5, 4 and 3 Elimination Periods 30, 60, 90, 180, 360 or 720 days 12, 18 or 24 months 30, 60 or 90 da Benefit Periods To Age 67, To Age 65, 10 Years, 5 Years and 2 Years Lump Sum, Down Payment or Installment 12, 18 or 24 mo Renewability Non-Cancellable and Conditionally Renewable Non-Cancellable Conditionally Renewabl Definition of Total Disability True Own-Occupation True Own-Occupation True Own-Occup Minimum Policy Size $500 per month $20,000 $200 per mon Maximum Issue Limit $15,000 per month $2,000,000 $50,000 per mo.*/12 mo. $40,000 per mo.*/18 mo. $30,000 per mo.*/24 mo. Premiums Unisex & Sex Distinct Level, graded and step rates Sex Distinct Sex Distinct Discounts Employer-Sponsored, Association and First Year Multi-Policy Non-Tobacco User and Association Non-Tobacco U Association and V Optionally Available Riders Graded Lifetime Indemnity for Total Disability, Additional Monthly Benefit, Catastrophic Disability Benefit, Cost of Living Adjustment, Residual Disability Benefit, Unemployment Waiver of Premium, Retirement Protection Plus Disability Benefit, Automatic Benefit Enhancement, Future Increase Option, Partial Disability Benefit, and Social Insurance Substitute Future Purchase Option and Presumptive Permanent Disability Residual and Fut Purchase Optio * When both OE and BRT are either issued or applied for, th product features and availability vary by state. The information provided in this table is offered for the purpose of education and i

5 ense Business Reducing Term Income ProVider Retirement Protection Plus Marketing Program m 4100; m NC82 Guardian Policy Form AH55-A Berkshire Policy Form 1200 Utilizes either the ProVider Plus or Income ProVider Policy Forms e insurance to d expenses Individual Disability Income insurance for business obligations (such as a business loan or purchase agreement) Guaranteed Standard Issue Disability Income insurance for employees on an employer-sponsored basis Individual & Guaranteed Standard Issue Disability Income insurance to help protect retirement contributions ing Streamlined underwriting Guaranteed Standard Issue Full underwriting or Guaranteed Standard Issue , 5, 4, 3 and 2 6, 5, 4, 4P, 3, 2 and 1 6 3; 6M 3M (ProVider Plus) 6, 5, 4, 4P, 3 and 2 (Income ProVider) ays 1, 2, 3, 6 or 12 months 90, 180, 360 and 720 days 180 or 360 days nths From 5 to 30 years with a term not to exceed age 60 To Age 67, To Age 65, 5 Years and 2 Years To Age 65 and e to age 64 le to age 75 Conditionally Renewable Non-Cancellable and Non-Cancellable and ation Modified Own-Occupation Two Years Modified Own-Occupation thereafter Any Occupation (Can be enhanced through riders) Modified Own-Occupation th $1,000 per month $500 per month $500 per month Benefit Period Benefit Period Benefit Period $22,500 per month* $10,000 per month; employer paid $7,500 per month voluntary $4,090 per month (Age 18-49) $4,550 per month (Age 50 and over) ($6,000 with Future Increase Option) Sex Distinct Unisex Unisex & Sex Distinct Level, graded and step rates ser, olume None Non-Tobacco User and Employer-Sponsored See discounts available with ProVider Plus or Income ProVider Policy Forms ture on None Modified Own-Occupation, True Own-Occupation, Cost of Living Adjustment, Catastrophic Disability Benefit, Basic Residual Disability Benefit, Enhanced Residual Disability Benefit, and Retirement Protection Plus Additional Monthly Benefit, Cost of Living Adjustment, Automatic Benefit Enhancement or Future Increase Option e maximum aggregate limit is $55,000 per month. is not intended to constitute tax or legal advice. for producer use only. not for use with the general public.

6 Disability income products underwritten and issued by Berkshire Life Insurance Company of America, Pittsfield, MA, a wholly owned stock subsidiary of The Guardian Life Insurance Company of America, (Guardian) New York, NY or provided by Guardian. For more information about products and services available from Guardian and its subsidiaries, or to review specimen contracts, contact your local Guardian Disability Income Specialist. Berkshire Life Insurance Company of America 2008 All Rights Reserved. Pub4094BL The Guardian Life Insurance Company of America 7 Hanover Square New York, NY % Recycled Paper 25% Minimum Post-Consumer Waste