LTD and GSI: A Comprehensive Income Protection Solution
Do you have clients trying to use group long term disability insurance to do it all? Most companies have a wide range of incomes to cover. But a one-size-fits-all strategy may not provide adequate income protection for higher earners.
Show your clients how adding guaranteed standard issue individual disability insurance to their disability plan can help provide strong and comprehensive coverage for all employees — at an affordable cost.
A typical LTD plan has a monthly benefit maximum that can leave some highly compensated employees with an income protection gap. In response, some groups try to increase benefit maximums to ensure enough coverage for their high earners. However, this strategy still might result in an income protection gap, while also affecting the premium rates for the entire group.
Offer your clients coverage that works for their entire workforce, including highly compensated employees. Help them understand why adding GSI individual disability insurance is the right solution.
Provide a Holistic Solution With One Trusted Partner
Consider the many reasons to offer an income protection solution combining LTD and GSI through The Standard. For one, you and your clients will work with one trusted partner for both lines of coverage. You’ll reduce headaches by delivering a streamlined process, with a coordinated support team working to provide top-level service.
Another plus is that The Standard provides one contact for both LTD and GSI claims. If your client’s employee were to make a claim, the employee would have one point of contact to help them through the claims process.
One more benefit to sticking with The Standard for both coverage lines? You could help your clients get more discounts they wouldn’t otherwise qualify for.
Our experience with disability insurance means you can trust The Standard to provide thorough and conscientious customer service. You and your clients can rest assured that we’ll take care of employees at claim time. In fact, in 2021 we paid $142,568,663 in individual disability insurance claims.
Where to Start
The Standard’s LTD and GSI teams can work with you and your clients to understand each company’s disability needs. A company can provide a census, and we’ll look for highly compensated employees who may have significant coverage gaps with LTD alone. We’ll then offer a plan that provides a good level of protection to all employees. This added layer of coverage will help high earners meet expenses and maintain their lifestyle if they become too sick or injured to work.
Review your current clients’ disability plans for GSI opportunities. Helping your clients secure a holistic plan that combines LTD and GSI individual disability insurance will give them a seamless income protection solution that makes it easier for them to administer and easier for their employees at claim time. And your clients can feel confident that all employees have the LTD coverage they need.
Reach out to your GSI IDI regional director if you’d like assistance in evaluating your clients’ disability plans.
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