According to news reports, New York Giants star receiver Odell Beckham, Jr., is thinking about purchasing a $100 million (yup, $100,000,000) policy to protect the value of his earning potential in the event he is injured and cannot earn pay at his current ability level. The importance of this was brought home when he sprained an ankle at a recent pre-season game.
Read MoreTags: Disability Insurance, Executive Disability, Disability Income Protection
“What?”, you say. Yes, there are many significant risks out there, and you buy commercial insurance to absorb them. Autos, homes and other property are insured. You have liability insurance. You have medical insurance. You have dental insurance – and maybe life insurance. But, actually, you hold all those risks. You have chosen to “reinsure” them in full or in part with a business that specializes in covering unaffordable risk. You get to pick the maximum amounts payable and deductibles, absorbing the affordable exposures that you did not cover.
Read MoreTags: Disability Insurance, Executive Disability, Disability Income Protection
Tags: Life Insurance, Disability Insurance, Executive Disability, Long Term Disability, Key Person Insurance
Executives generally are not aware that they have shortfalls and gaps in their broad based group long term disability coverage. This applies to both the size of the monthly benefit and the language in the contract that the insurer uses to accept or deny claims.
Read MoreTags: Disability Insurance, Executive Disability, Long Term Disability, Disability Insurance Limitations, Disability Insurance Exclusions, Disability Income Protection
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