Case Study Snapshot: Excess Disability

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An attorney was a partner in a large Chicago law firm, and he was making $1,000,000 annually.  The partnership had agreed to provide mandatory group benefits capped at $20,000 per month.  He separately applied for an additional layer of individual coverage from a carrier willing to provide him with another $20,000 per month.  Considering the attorney’s lifestyle, financial liabilities, young family and numerous regular expenses, $40,000 of monthly disability coverage was simply not enough.  Less than 50% of his monthly income was covered.  He was underinsured.

Petersen International was able to provide this attorney with a third tier of monthly benefits of $14,000, participating up to 65% of the client’s earnings and providing he and his family with sufficient levels of disability insurance.