Petersen International Releases Disability Plan for Loss of Future Earnings

August 31, 2012

Petersen International Underwriters has released a new disability insurance product intended to pay benefits based on an insured person’s potential future income. The plan, titled “Loss of Future Earnings Disability,” is a new approach to protecting one’s income. Petersen International Underwriters designed the product.

Designed to provide a lump sum benefit in the case of the insured’s permanent disability, the plan features simplified medical underwriting and a true “own occupation” definition. This product is favorable among medical students and young physicians who currently earn modest wages, but whose salary is sure to significantly increase later in their careers.

“The problem with traditional disability insurance protection is that a person can only secure approximately 65 percent of their current income, and while this does protect their lifestyle today, it may not protect the future lifestyles of young professionals who are anticipating significant increases in their incomes,” Petersen continues.

The Loss of Future Earnings Disability Plan fits the young professionals market by providing up to $1 million of additional disability protection to offset the potential loss of future income. LFE insurance can be purchased for very modest premium. The process involves simplified underwriting for individuals and guaranteed issue for employee groups and associations, with electronic application available to all.

Petersen International Underwriters is a 30-year Lloyd’s coverholder and underwriting facility of disability, life, medical and contingency insurance products.

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