|
Most corporations provide employees with long-term disability (LTD) protection.
This is a valued
benefit, but in the vast majority of corporate LTD programs there is a
significant inherent shortfall
in the protection provided to senior and middle management executives. A Disability Buy-Up Program is a cost-effective way for corporations to
resolve this shortfall.
SalaryNet® is a sales-enabling service which combines "Best
Practices" market expertise
and web-based sales support in the executive disability buy-up market. The
service provides financial
intermediaries with turnkey support to penetrate untapped disability market
opportunities on a
cost effective basis. SalaryNet® provides fully automated market
presentations, an on-line benefit
audit methodology which identifies shortfalls in existing LTD plans. Additionally, SalaryNet® satisfies all
the requirements for
plan implementation and program communication, including financial analysis,
program design, document
generation and enrollment support.
Market Opportunity
The Voluntary Income Protection Plan concept is a well-kept secret among the
few producers who
discovered this revenue gold mine.
Multiple industry studies have identified unbooked annual disability insurance premium in the
billions of dollars. These
studies have recognized that the small to mid size markets (up to 1000 lives)
are grossly underserved
in respect to individual disability income programs.
Of the approximately 15 million businesses in the US, all but 15,000 are small
or medium size
businesses. Less than 10% of these businesses have a Disability Buy-Up Program in place.
The graph below illustrates the percentage of the market currently being served
as compared to
that portion of the market that remains untapped.
|
