Solving the Protection Gap for Consulting Firms
Your team knows best practices for business. We know the best practice to protect them.
There are consultants in many fields, relied upon for their ability to improve the businesses they serve. As a firm owner or HR professional of this firm, protecting these professionals is a top priority.
As you likely know, there is a certain point where a traditional, basic disability policy will fail to meet the income replacement needs of a professional of this caliber.Simply put, the gap between what your company leaders earn and what percentage of income would be replaced in the case of disability is too great. TWG has innovative products to address this exact issue, comprehensively replacing all components of income.
A closer look at traditional disability
Generally, if an executive or partner at a consulting firm becomes disabled, her employee benefits plan covers only a portion of her base salary (usually 60%).It also may not take into consideration uncovered base salary her incentive compensation, including bonus, options, or restricted stock units.
Basic disability policies do not provide enough protection for highly compensated consultants, executives, or partners. And they often do not consider the complex, incentive-based earnings that are common for this group.