Does your executive team have the same level of income protection as your rank-and-file employees?
GUARANTEE STANDARD ISSUE (aka GSI, or Executive DI) is designed to supplement an existing Group LTD plan.
Most LTD plans are capped at 60% to $10,000 per month (if that), and the benefits are taxable. People who earn above $10,000 per month are not eligible to receive the full 60% since the cap limits the percentage of income replacement. This results in a significant gap in coverage for higher income earners.
GSI is the best of both worlds—Individual DI and Group LTD. From Individual coverage, GSI carries the strongest definitions available in the market, it can be administered tax-free, it does not carry offset language like LTD, and commissions are vested (not subject to Broker of Record changes). From Group LTD, this is guaranteed to issue, the enrollment is online and easy to administer, and new hires can access the plan on an ongoing basis.
You’ll want to consider writing GSI if you are currently writing IDI or LTD coverage.