Financial Discrimination
The United States is one of the wealthiest countries in the world. There are by far more billionaires in the U.S. than in any other nation, and there are more than 10 million American millionaires. This is a land of economic freedoms and opportunities that few other places on Earth offer. But even in this progressive state of free market capitalism, there are quite a few financial drawbacks and potential pitfalls for those who work hard and are lucky enough and savvy enough to become and remain truly wealthy.
Taxation is a great enemy to men and women of substantial wealth. State and federal income, estate and business taxes demand large portions of American household incomes. The more money you earn, the higher percentage of income you must turn over to the government, and despite the upcoming right-leaning change in federal administrations, the trend of higher taxation on the rich will mostly continue into the foreseeable future.
We also find unbalanced treatment of high-net-worth individuals in the insurance industry, especially in the disability market space. Mainstream disability carriers tend to offer inadequate income protection levels to customers with higher earnings. Depending on age, occupation and income, DI companies typically aim to insure average clients on approximately 60% of their annual earnings. But when underwriters look at high-net-worth individuals, the percentage of coverage often drops to meager protection levels more in the 25% to 40% range which can be construed as negligence.
Just because someone makes a better living than most doesn’t mean he or she should be any less protected against the potential financial devastation brought about by disablement. Statistics have historically shown that even those deemed “rich” on paper are poor accumulators of sufficient liquid assets and enough savings to maintain an accustomed lifestyle after a long-term halt to their flow of income. Wealthy Americans should be financially indemnified at the same levels as average income earners.
Petersen International has a long history of protecting the economic welfare of the top 10% of those making a living in the United States. We offer plans specific to attorneys, physicians, dentists, executives, accountants and financiers who are in dire need of more income protection than can be acquired from the “traditional” U.S. disability insurance market. Our excess and supplemental DI policies offer the highest levels of income protection found anywhere in the country.
Petersen International’s high-limit disability plans help to curtail much of the financial discrimination found in the insurance industry today.