How To Use 831(a) Captives To Protect Against the Loss of an Uninsurable Business Owner or Key Employee
One of the biggest letdowns seasoned insurance professionals can experience is when a valued client comes back from underwriting as an uninsurable. Whether that’s the result of a history of health problems, a disease diagnosis or a profession that causes the applicant to be too risky to insure, not being able to qualify for life and/or disability insurance at any price can be a difficult pill to swallow for both the producer and the client.
In the past, proposed insureds who found themselves in this situation had few attractive options. Some would simply improvise and cobble life insurance protection together by maxing out their group term coverage, converting their group coverage to an individual permanent policy, buying a survivorship policy with a split option, getting coverage using a spousal rider, or trying to get into a guaranteed/simplified issue program at work or through an affinity program. A recent development in the 831(a) captive insurance space could help insurance professionals find the coverage their uninsurable clients need, and merits closer scrutiny
Oxford Research Group has developed a game-changing risk management program which can be tailored to meet your client’s specific needs, including business income losses resulting from the loss of a business owner or other key employee, even if they're uninsurable. Their low frequency-high severity policy offers protection for business net income losses due to the loss of its owner or another key employee in the event your client's business suffer financial loss attributable to: 1) the death of the business owner or another key employee, 2) bodily injury to the business owner or another key employee, resulting in inability to perform the same type of work that was performed prior to the injury, 3) the illness of the business owner or another key employee resulting in the loss of services of such owner or key employee for a period of 60 days or longer.
In his exclusive LISI Webinar, Mike DiMayo, Managing Partner, Oxford Risk Management Group will demonstrate how this program can provide protection against the risk of loss of income when alternative commercial insurance policies prove to be too costly or unavailable. Highlights include the following:
- What a specialty captive solution is and how it addresses difficult insurance challenges;
- What the competitive rate structure looks like;
- How flexible and customized solutions can be created;
- How streamlinedand& efficient eligibility processing works; and
- How business ownwer clients can enjoy underwriting profits that result from the program.
Mike DiMayo CFP, ACI, CLU, ChFC is a Principal of Oxford Risk Management Group, one of the country’s fastest growing and dominant market leaders in the enterprise risk captive insurance industry. Oxford’s “Best-in-Class” team of professional specialists includes the world’s most prominent attorneys, actuaries, risk managers, and auditors who live and breathe captive insurance every day; the most experienced and credentialed independent advisory team anywhere. Oxford has developed outstanding relationships with domestic and international insurance regulatory teams. Their captive platforms have passed rigorous due-diligence review and are recommended by the nation’s leading legal, accounting, insurance and investment advisory firms. Oxford was selected to work with the Self-Insurance Institute of America (SIIA) to provide comments and analysis to Members of Congress that helped shape the PATH Act and legislative changes to 831(b) and has received industry awards for excellence. Oxford brings Fortune 500-style enterprise risk management to small and mid-size organizations on a turn-key basis. Risk management solutions delivered to bring predicable results, while remaining in compliance with all laws and regulations, with legendary attention to customer service. Oxford was recognized by Captive Review for the second consecutive year as one of the Top 20 Key Influencers for Enterprise Risk Captives.
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