HIGH LIMIT DISABILITY INSURANCE
Orion International Insurance Services offers three distinct types of disability insurance coverage – High Limit Disability Insurance (HLDI), Athletes Disability and Expatriate International Disability. The plans we represent are considered part of the specialty market. Therefore, they are designed for people that are ineligible for regular disability coverage or have income requirements that exceed the maximum benefits allowable under traditional disability plans.
High Limit Disability Insurance – HLDI
HLDI is designed to make up the short fall high income earners (typically over $350K) face with traditional group LTD or individual disability plans. The problem is that as income increases less of their income is actually protected by traditional disability coverage. For example, a client earning $600,000 should have 65% of their income ($32,500 per month) covered. Group and individual plans typically only provide up to $15,000 a month in coverage. The client is short $17,500 a month in income.
HLDI plan make up this difference by adding a policy on top of the clients 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. Also, HLDI can be written for individuals and groups with occupational (own occ) coverage.
The Orion HLDI Group Advantage
Group HLDI plans offer even more unique features like; no medical underwriting, premium discounts and benefit amounts that match each specific individual’s needs. For most groups HLDI coverage can be written on a Voluntary basis.
HLDI Plan Designs
There are three basic plan designs available for HLDI coverage. Plans can be further customized by adjusting elimination period, benefit payout period, contract period and other variables – there is virtually an unlimited number of ways coverage can be written.
A level amount provides the same monthly benefit amount for up to five years. For example, our client above that is short $17,500 a month would be paid that amount for 60 months. Total amount of benefit payments would be $1,050,000.
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. For our client earning $600,000 that would be a $6,000,000 lump sum benefit payment.
Level Amount with a Back End Lump Sum
Combining a level amount with a back end payment is a very popular option because it removes concerns about the five year payment limit. Back end lump sums can be as high as five times income. Our client with the $600,000 income would now have a total benefit payout of $4,050,000.
Athlete Disability Insurance
The number of earning years that professional athletes is typically very short compared with more traditional occupations. Because of the nature of competitive sports that career can end instantly due to an injury. Not only can an athlete lose their income due to an injury but also the cost of an agent or manager, unearned income from a contract, loss of income for endorsements and other income directly linked to the athlete’s ability to play competitively.
Athletes that should consider an athlete disability insurance plan include:
- Professional Athletes
Benefits payable for temporary and permanent disabilities.
- International Athletes
Many overseas leagues provide limited or no disability coverage. Protect your future earnings by securing a policy against a career ending disability.
- Collegiate and Student Athletes
Student athletes that are showing promise of a professional athletic career need to protect the future earning potential of a professional career. Lump sum benefits of $1,000,000 or more are considered.
Expatriate Disability Insurance
U.S. citizens working overseas and foreign nationals outside their home country may find securing quality disability coverage difficult. Some countries either have restrictions on offering coverage to foreign nationals or simply do not have the capacity to offer quality disability coverage. U.S. disability insurance companies have many restrictions on covering expatriates as well as paying disability claims overseas. Orion International offer both group and individual international disability coverage to protect a wide range of occupations including construction, mining, and oil drilling to accountants, attorneys and executives.
High Risk Zones Disability Insurance
Orion International has over a decade of experience of 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 around the world. We are able to broker coverage that includes war and terrorism benefits for large corporations and individuals.
No two clients’ needs are alike. Finding those differences is where our expertise in identifying problems and providing solutions make us different. Contact Orion International for a free consultation.
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