March 19, 2010
Discounted Premiums from 20-35% and Guaranteed Issue Underwriting
~ written by Char Sutek, Employee Benefits, Willis
Unum underwrites multi life IDI plans (3 or more attorneys on a common billing) in 75% of the top 100 law firms in the country. Why has your industry embraced this type of coverage? First, highly compensated attorneys that go out on disability claim can impact group rates. IDI is an individual product with level premiums that cannot be adjusted. It makes sense to diversify disability coverage especially for those in higher income brackets with a group and individual policy.
Seventy-five percent of the top 100 law firms choose Unum individual disability income (IDI) for their partner and attorney classes. We provide coverage to more than 45,000 attorneys and more than 2,100 firms.
Another reason these plans are common place with the top firms in the country is the ability to provide state of the art coverage with the highest monthly maximums available. To attract and retain talent you must have a competitive benefits package. Did you know the average monthly maximum benefit for the top firms with less than 500 attorneys is over $25,000? This is done by combining group LTD and IDI for the partners and attorneys.
Most important, the insured attorney will have the benefit of an individual policy that provides the following supplemental enhancements to basic group LTD:
- Level premiums that do not increase as you age.
- IDI coverage is portable so you take the plan with you if you change firms.
- Additional catastrophic benefits provide up to 100% income replacement in the event of the most severe claims.
- Unum’s IDI policy converts to long term care insurance with no medical underwriting at retirement age (anytime between 60-70).
Unum is the market leader in individual DI plans for attorneys. We specialize in multi life IDI offerings on a guarantee issue basis for law firms. If you have questions or have interest in hearing more about this program, contact Willis for more details.