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Fleming Financial Services Blog

At Fleming Financial Services, Inc., our role is to assist our clients in defining and realizing their financial objectives and goals. We work with our clients to implement personalized plans designed for their unique situations. Our areas of concentration are: Retirement planning, Estate and Wealth Transfer strategies, and Business Continuation planning. We emphasize the importance of conducting our business with integrity and professionalism. As a member of PartnersFinancial, an independent national financial services company, we are able to provide access to sophisticated resources for the benefit of our clients. Some of the professionals with our firm are currently registered to conduct business through NFP Securities, Inc. With those additional resources in place, we help facilitate the complex corporate and personal financial decisions our clients must make.

Protection for Executives- Disability Income Insurance - Part 4

Thomas Joseph Thomas Joseph , 12/11/2014
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Combined Offering Advantages Benefits to the executive:
  • Provides maximum income replacement ratios.
  • DI rates are permanent to age 65.
  • DI policies can be offered as guaranteed standard issue, meaning no medical exams.
  • Premium discounts are portable if the executive leaves the employer.
  • With an employee-paid offering, an executive can receive a tax-free individual DI benefit.
Benefits to the employer:
  • Packaged pricing discounts are available with many group LTD carriers when individual DI is added.
  • Competitive bidding is high with group LTD carriers when the maximum benefit is not increased.
  • LTD rate volatility is reduced with spread of risk to a combination of group LTD and individual DI.
Establishing a Combined Offering By combining group and individual disability coverage, you are providing a unique income protection that can help recruit and retain talent — if they fully understand the value and the benefit is implemented effectively. To successfully establish an income protection offering, an employer must:
  1. Determine the eligible group of executives to be included.
  2. Decide who will pay:
  3. Employer pay
  4. Voluntary
  5. Some other combination
  6. Commit to an effective communication strategy (preferably not during a core benefit enrollment period).
Timeline   We are ready to help you incorporate individual disability income insurance solutions into your comprehensive benefits offerings. Show your top talent you value their contributions. Copyright © 2013 NFP. All rights reserved.