I'm meeting with a Podiatrist next week, and wanted to get some feedback from the forum.
The two quotes I ran were Illinois Mutual and Guardian.
Looking to satisfy $6K/mo. I know Guardian will be more expensive, but supposedly worth it. I've sold IM in the past, but not Guardian (funny, since I started with Berkshire Life 10 years ago).
Ready to hear who's better in what ways, etc. In fact, if anyone has a specimen contract they can download and get to me, for either carrier, that'd be gravy. Give me some light reading over the weekend.
Anyway, your comments and suggestions are welcome.
Bob, although I have not written for either company, I do agree with Scott that they are both solid companies. From attending seminars for both I have come away feeling that Guardian is probably the better of the two for white collar. Also, I believe Guardian still has true "own occ." You may want to check the web forum www.disabilityinsuranceforums for some input from guys (and gals) who specialize in DI.
If selling to Dr's you have to offer Guardian and/or Union, non other have the Own Occupation as they and both specialize in the arena of Dr's. Ill. Mutual is a great company but more so for Blue Collar.
Illinois Mutual touts itself as the disability company for the "middle market." They are strong in the blue collar and grey collar areas, but as James stated Guardian is the one for professionals.
OK, then, how about your thoughts on Union Central vs. Guardian.
They both have great or the best "Own Occupation" there is to be had, which is highly important for Dr's and other White Collar Professionals. Last thing a Surgeon that has the money to pay for the good DI wants to hear when he is collecting his DI Benefits is that he has to look for employment as a GP and not a Surgeon! Last thing I'm sure a General Practioner wants to hear is that his benefit can not continue or be able to collect because he is able to get a job as something else, such as a educator or admin in some clinic.
Out of this choice either would suffice, for a more thorough discussion between the two go over to the DI Boards, there you'll find people that do this on a regular basis and can get more into the details in this lucrative nich market. http://www.disabilityinsuranceforums...?NoCookies=Yes
Ps "Own Occupation", they all have it to one degree or another, but the devil is in the details!
James is spot on. For doc's I only use unum/Provident or Guardian, but primarily UP.
Make sure there is an explanation of the doc's occupation and specific duties. I add this because I used a Plastic Surgeon to fix my drooping eyelid and blocked tear duct. O fcourse I hit them about their insurance and discovered they wanted more but were having problems because their specialty was optalmic plastic surgery and they couldn't get a company to spell it out, I did and wrote a bunch more insurance.
What company do you all use for Sales professionals? I am quoting Principal, IM, Unum, and Union Central for a client right now, but I have to say that the owner occ doesn't seem as important for someone in sales. So...what do you other's think?
What company do you all use for Sales professionals? I am quoting Principal, IM, Unum, and Union Central for a client right now, but I have to say that the owner occ doesn't seem as important for someone in sales. So...what do you other's think?
"but I have to say that the owner occ doesn't seem as important for someone in sales"
I'd say own occ makes or breaks the contract. In simplest terms the best contract has the shortest amount of words in describing own occ. Fewer words better coverage, more words conditional coverage.
I disagree with you as that definition is the driving point of a disability contract.
Its been awhile but I've sold for Guardian, UM/Provident and Ill. Mutual. For a Doctor go with Guardian or UN/Provident if you have competition watch out for Northwest Mutual and New York Life.
I use the other two carriers as well as MassMutual which also offers true own occ protection with specialty language. You need to focus on the three main ways a client gets paid:
Many difference between the two and the biggest one is the definition of TD; IM will only be for 5 years and Guardian for the full BP...no contest for about 8 other reasons...let me know if you are interested in the other 8?
Larry
Guardian vs. Illinois Mutual
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