Assurity has announced new, disability income underwriting enhancements. These changes are effective March 1, 2018, and will be available in their illustration software April 1, 2018.
20% Business Owner Income Enhancement
Business owners will now have their net income increased by 20% for purposes of determining base policy and maximum issue limits, subject to a monthly benefit increase of $1,500. Business owners who have at least 10% ownership and actively work in the business are eligible for the income enhancement.
Government Employee Underwriting
Assurity has enhanced its disability income underwriting guidelines for federal and state government employees. In order to maximize coverage for higher income earners without overinsurance, the maximum issue limits by income will now apply to federal and state government employees, with an assumed existing employer-provided coverage offset for federal employees of 40%, and 60% for state employees. Other forms of existing coverage will also be an offset to the maximum limits. Federal and state employees who meet the following criteria will qualify for these new guidelines:
- Age 55 and under
- 10 years or less federal or state service
Contact Truluma for further details.