Winter Case of the Quarter: Annual Review Success Story
Annual reviews of GSI plans can really pay off. An annual review of this New York health care company resulted in two significant plan increases in one year.
The company started with a 26-life plan for $75,000 in annual premium. Within 18 months, the plan grew to cover 56 lives and $131,175 in premium.
Keeping Income Protection on Track
The original plan covered 75 percent of earnings, maxing out at $10,000 in monthly benefits. For each annual review, The Standard reviews an updated company census to make sure individual income replacement levels match the plan target. This company’s wage increases meant that some employees wouldn’t receive the 75 percent earnings replacement that the plan targeted. To ensure those employees were fully covered, we extended the maximum benefit to $12,500. This also resulted in $10,000 more in premium.
Six months later, the health care company merged with another company. This added 22 more lives and allowed The Standard to increase the maximum monthly benefit again —to $15,000. This impressive growth story is a great example of how the clients you have can be your best prospects.
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