Protecting Asset Managers When Traditional Disability Isn’t Enough.
Foresight: It’s what you value in an asset manager and what they need in their disability coverage
Whether your firm is publicly traded or privately held, you rely on the skill of your asset managers. These valued executives are highly compensated for a reason: they make complex decisions that affect the welfare of your shareholders, and their results are a driving influence on your firm’s reputation.
This same forward-thinking must be applied to protection of their income in the case of disability.Traditional disability coverage leaves a tremendous gap for your executive team, not replacing enough of the income that they rely on. In order to attract, retain, and adequately protect the best in the business, exploring viable options is crucial. The Westport Group has worked with many asset management firms to provide solutions that solves the problem through High-limit Disability insurance.
A closer look at traditional disability
A highly compensated executive working at a small asset management company has disability insurance through the firm. He is in an accident and suddenly unable to work and contacts Human Resources to understand what benefits are available. It is in this moment that the limits of a traditional disability policy become meaningful. The gap between the income that he expected to be covered and the income that will be replaced is vast.
The firm’s traditional disability policy simply does not provide enough coverage to replace the income that the executive’s family relies on.