An Advisors' Guide to Excess & Surplus Disability Insurance

Comprehensive Income Protection: Explore High Limit Disability Guaranteed Standard Issue (GSI) Plans for Professionals

Posted Wed, Jul, 12th, 2023
By Exceptional Risk Advisors

In today's world, safeguarding income is crucial, especially for groups of highly compensated professionals.  To address this need, one of the top insurance solutions available is the high limit disability Guaranteed Standard Issue Plans, commonly referred to as GSI.  This blog post aims to shed light on the benefits of GSI, the process involved, and the importance of partnering with specialists for successful plan implementation.

Typically these plans are written by asking very limited eligibility questions while not requiring medical evidence of insurability.  Benefit departments of these companies often recognize that the highly compensated key employees of their firms are underinsured by the benefits offered in their basic group plan and, if available, any domestic supplemental individual disability insurance (IDI) program and seek to equalize benefits to help fill the gap for these key team members.

Download GSI Product One-Pager

To help illustrate how the product works, we recently worked with a nationally acclaimed law firm's benefit advisor to bridge the gap in almost 200 of the firm's partners and executives disability coverage.  A custom-built Default-In Program was agreed upon which defaulted eligible insureds into the program with the option to call the advisor to opt-out of the enrollment opportunity.  This approach allowed the advisor to educate eligible employees about the income replacement gap in their existing plan.

In the event of a qualifying disability, Unum and Exceptional Risk Advisors offered an additional combined monthly benefit of $75,000 - $15,000/month of Unum IDI and $60,000/month of Lloyd's.  By complementing the existing $25,000 monthly coverage offered by the group plan, the GSI policies ensured comprehensive protection for all employees.

Download Case Study: Multi-Life GSI of Law Firm

It is crucial to acknowledge that the successful implementation of GSI programs in large organizations with high-income earners relies on a highly process-driven approach. To achieve a sophisticated and high participation rate, it is imperative to collaborate with a partner who specializes in this space. These experts possess the necessary knowledge and experience to build and enroll plans utilizing best practices, ensuring optimal outcomes.

As high-income coverage becomes increasingly common, professionals and organizations must prioritize income protection for their valued team members. High limit disability Guaranteed Standard Issue Plans (GSI) offer a valuable solution, providing comprehensive coverage and bridging the gaps in existing plans. By partnering with specialists who understand the intricacies of this insurance space, organizations can maximize participation rates and ensure the successful implementation of GSI plans.