For organizations with Key Executives who are vital to the financial success of their business, a corporately-owned Key Person Disability Insurance program is available with a policy structure that will provide the organization a benefit in the event their key person is injured or suffers an illness. 

Simply put: a Key Person disability policy is owned by the corporation/business and protects the corporation/business in the event their key person becomes disabled and can no longer work.  The corporation/business pays the premiums and receives the benefits in the event of a claim. 

Key Person disability is available in the US, but it caps out around $750,000 in benefits and is only available in a few select states.  If your client is requesting a higher benefit limit, there is an insurance solution available from the Excess DI Market, like Lloyd's of London.  As a Lloyd's of London Coverholder, the policies we write day-in and day-out are around $2M, $5M and $10M in benefits, however, we do have $50M key person policies on the books and our limits exceed $100M.  Key Person disability benefits can be offered in lump sum or monthly and like all Lloyd's of London policies, the policy term is up to  5 years.  To help illustrate how Key Person Disability policies work in the Excess DI market, download this case study on a technology executive in an equity funded start-up.

Cross-selling idea: go through your book of business, focus on your business owners, key executives, chief technology officers and hedge fund managers with a key person life policy – they are all ideal candidates for a high limit key person disability policy.  

A company's biggest asset rides the elevator every day and is driving the business forward.  Now is the time to re-evaluate the risk to key personnel and C-Suite executives by looking at how they are leveraged against the success of the company, and the impact should they not be able to perform their duties.

If you'd like to learn more about Key Person disability insurance and the Excess DI Market, watch our short webinar on the topic.