Let me start by saying that I am no expert on what Lloyds can do or even how they pull it all off, but I now have the connections to take a Lloyds insurance situation and get it in place in a timely manner.
What I’ve found is that, as much as I would like to believe I can place every life insurance or disability income insurance policy with a traditional company, I can’t. There are cases that are simply to scary or complicated or big that traditional companies would rather not participate. Some of those that I’ve talked about a lot are easy to understand. There aren’t any traditional life insurance companies that will sell new life insurance to a civilian contractor going to a war zone. There aren’t any life insurance companies that will provide life insurance for a business person who has just been diagnosed with prostate cancer. There aren’t any traditional disability income companies that will provide coverage for a professional who has bipolar disorder.
To cover everything that Lloyds offers in one post would be insane, but over the next few weeks I would like to offer a comprehensive overview of what is possible through Lloyds. Probably an area that Lloyds is most known for is insuring professional athletes against loss of income due to a disabling injury or illness. I’m certainly a long way from being a professional golfer, but if I was, my income would have plummeted twice in the past 6 years, once from a broken arm and once from a broken leg. Real life happens even to the best athletes. Lloyds not only offers compensation packages for professional athletes, but for college athletes that are headed for the pros. How devastating it is when a career is cut short or not even allowed to start due to an accident or illness. Lloyds can’t make the dream of playing come true, but it can compensate a talented athlete for what could have been.
Whether it is football, basketball, golf, car or motorcycle racing, the salaries and potential pay outs are too big for traditional disability companies to entertain. This is what Lloyds does!
Lloyds comes through with business life insurance that traditional companies can’t touch. I’ve talked about cases lately where executives have had to put life insurance in force for business purposes and were not insurable due to cancer. But Lloyds is also well known for cutting through all the red tape and issuing life insurance in large amounts for business purposes quickly. Lloyds can put amounts of $100 million in force within a week. Is Lloyds going to be able to offer a comparable price if someone is in great health? Well, no. But the thing even savvy business people overlook is that unexpected death happens unexpectedly. I can tell you from experience that a $100 million business life insurance policy, like key man coverage, will take months to get approved and placed through a traditional life insurance company.
My advice is the same as for anyone who can’t get the life insurance coverage they want when they need it. Put what is available in force and then replace it with the lower cost coverage when it’s approved. The fact that there is a possibility of lower cost coverage down the road doesn’t put the need on hold.
One case that I’m currently working on involved a situation where a professional had one last thing to take care of in order to close on a loan to cover a critical expansion of his business. The lender required life insurance before the loan could be settled. He applied for life insurance and had the company issue a temporary insurance agreement so that he could move ahead with the loan. Unfortunately on his exam he had elevated lab results that led to a declined application. Upon medical evaluation he was found to have cancer. The cancer will render him not insurable for at least one year in a best case treatment result. Lloyds came through with the life insurance he needed even though he had not even started treatment. He is going to carry that until we get him a traditional policy. His plans are able to go forward because Lloyds filled the gap.
Bottom line. Applying for life insurance or disability income is often not as smooth a road as we would like. It is hard to predict what bump in the road can slow things down or completely derail the train. Lloyds is at least predictable whether you are a competition skydiver or a person whose income is too high to be adequately covered by traditional disability coverage. If you have a situation you would like to get a price on call or email me directly.