What is Failure to Survive Insurance?
Over the last several decades, the Surplus Lines specialty market has been successful in developing some of the life and health insurance industry’s most brilliant and forward-thinking products for American businesses. Failure to Survive (FTS) insurance is one such incredible evolution that has gained an immense following of U.S. brokers as of late.
The insurance goes by various names throughout the industry, but the basic FTS product is similar in format to term insurance for third-party applications. Its main purpose is to address key person, buy/sell or business loan situations where there is a financial obligation to insure a business contract upon the death of an individual (usually the business owner or key employee). It is also commonly used to indemnify divorce decrees and court orders.
The real magic of the FTS product is that it can be underwritten very quickly. The average turnaround time from receipt of application (short one-pager) to the binding of coverage is less than 48 hours. Underwriters offer simplified issuance of the coverage without cumbersome requirements like time-consuming, sometimes intimidating physical exams and lab work.
The quick underwriting period allows policy owners to meet the strict and time-sensitive deadlines mandated by lending institutions on loan agreements. An FTS policy can also be extremely useful when traditional universal or term insurance underwriting is holding-up a business deal hinged upon the indemnification of a corporate buy/sell agreement.
Failure to Survive insurance has many impactful uses in the market today and can help you save cases that you otherwise thought were dead in the water or at the very least faltering. FTS coverage is another great everyday solution for the pervasive complications encountered in the U.S. life/health market.
Call Petersen International Underwriters at (800)345-8816 to learn more about the nuances of our FTS product line.
New Tool for Producers: Agency Branding
Petersen International has always strived to assist the producers with whom we work with bettering their businesses and helping achieve more financial success in the most efficient ways possible. We will do the same for you.
We have developed an easy-to-follow program that will design and implement primary corporate branding or co-branding of your agency’s own logo and contact information on Petersen International marketing material. Using this platform, you will easily be able to corporate brand product brochures and proposals of insurance.
Check out this incredible tool which is now available electronically through the PIU Producer Zone. Log-on to the zone using your username and password. Then click the “custom marketing” link to begin the self-branding process. If you are not a current Producer Zone user, please contact our office by email at piu@piu.org to subscribe.
A Serious Call to Action
If you are an insurance agent and you have clients who are physicians or surgeons of any kind, you must act now; contact Petersen International Underwriters as fast as you can. You have no idea what you’re missing. We will help you turn your regular individual DI case opportunities into easily-managed, high-limit excess group disability policies that produce exceptional commissions year after year. Those dependable doctor clients of yours have partners and associates who make up physician groups and surgery centers that are in dire need of and sincerely want additional disability insurance.
We are talking about turning that $3,000 or $5,000 annual commission into a $300,000 or $500,000 annual commission!…Read More