Typical first-tier IDI and second tier group disability insurance limits protect just 20 to 60 percent of a high-income physician’s or dentist’s earnings following a disabling event. Meanwhile financial advisors often recommend as much as 70 percent of total income replacement coverage.
MGIS shrinks this gap and extends the coverage continuum with our High Limits programs, offering up to 70 percent income replacement with monthly and lump-sum benefit options. As with all MGIS insurance products, we also use our “own procedures” definition of disability. This closely mirrors that of many IDI policies and is considered the gold standard, guaranteeing both the right amount and the right type of coverage.
In addition to this, our solution provides the advantage of Guaranteed Issue, so the policyholder won’t be required to answer personal medical or financial questions for coverage to extend when certain criteria are met. We also offer limited coverage for mental and nervous conditions while ensuring adequate resources are accessible to pay expenses associated with DI buyout and business overhead plans.
Still many high-earning physicians and dentists aren’t even aware that a solution like this exists to protect their income replacement gap. So brokers can tap into this vast market while enjoying comprehensive support and resources for growing revenue, acquiring new clients, and adding new coverage to that already in place.
Backed by the expertise and strength of Lloyds, High Limits extends protection to even the highest income earners.