Executives
Attaining a leadership position presents its own set of risk management challenges. Oftentimes, the insurance benefits provided by a healthcare institution has been selected to address the needs of the overall employee population. This may result in a level of coverage that doesn’t adequately address an executive’s current insurance needs. These limitations can include not insuring all income sources or levels in the event of an accident or illness, not protecting retirement plan contributions and the inability to retain coverage if the executive leaves their current employer.
How InsMed helps executives
The devil is in the details and taking the time to review your benefit package can be time consuming and confusion. At InsMed, we can help you understand your coverage, determine your monthly income needs, and ensure that your retirement plan contributions are adequately protected. We will also help you evaluate supplemental opportunities to better protect your financial well-being.
To learn more about several areas of concern found in many employer’s benefit programs, click below.
If you are an executive employed at an institution supported by InsMed
You have been provided or obtained a “guaranteed issue” individual disability insurance policy designed to supplement the group insurance policy provided by your employer. This policy includes permanent rate discounts, premiums that can’t be increase until you reach Age 65, the ability to retain your protection if you change employers and all current and pre-existing medical conditions have been covered.
Please use the form below to notify us a claim, change of income level of employer or any other customer service needs.
High Limit Executive Income Protection
The maximum monthly benefit of the long-term disability coverage provided by most healthcare institutions is based on the average income of the institution’s employees and is unlikely to provide C-Suite or senior leadership an adequate level of protection.
This gap in protection can be addressed by introducing or providing individual long term disability contracts. Through these contracts, highly compensated executives can receive the same percentage of income replacement that is provided to the balance of employees and can insure non-salary components of the compensation packages.
Adding individual policies to an employer’s disability insurance program benefit program can strengthen the competitiveness of a employer’s benefit package and provide a more cost-effective solution when addressing the income needs of a highly compensated professional. Advantages of this approach include:
- Raising the maximum monthly benefit to as great at $35,000
- Providing coverage without having to satisfy medical underwriting requirements
- Locking in level premiums that aren't affected by future claims experience
- Insuring non-salary compensation
- Insuring retirement plan contributions
- Obtaining permanent rate discounts
- Being able to maintain coverage after employment
To learn more about how insmed can help protect executives, call us at (800) 214-7039 or email us at [email protected].
