Petersen International Underwriters (PIU) Insurance Review

• 24-hour coverage
• Common carrier coverage
• Air travel only coverage

• Loss or loss of use of one or two members - 50% -100%
• Loss of sight one eye or two - 50% - 100%
• Loss of speech or loss of hearing both ears - 50%
• Accident permanent disability - 100%

Mostly in place for businesses, this is a policy that will protect clients when they are on international turf. Typical, traditional insurers and products have certain limitations while living abroad or even just traveling around. With PIU, coverage continues regardless of where the insured is in the world just in case the worst were to happen. If you have a global business and have employees regularly taking trips abroad, an accident might see them left out in the cold by other life insurers so this one small step will keep everyone protected internationally.

Short-term medical insurance while outside the U.S. and traveling abroad.

As the policy is short-term, it has been designed to be easy to set up and simple to put in place. Therefore, the application is just one sheet of paper, there are no medical questions, and there are a variety of coverage options from which to choose. After the application has been submitted, the policy can be in place the very next day and last for up to 11 months. With low premiums, this allows health care to be obtained in the short-term.

As long as you are under the age of 64 years, this option will be available to you and all eligible expenses come from illness or injury within the US - from any hospital or doctor. If expenses are used, they apply to the deductible. If you choose PIU, you will have access to over 5,000 hospitals and millions of professional healthcare facilities.

If you plan on leaving the US, this policy will keep you covered because you might just be surprised at the lack of coverage with a standard health insurance policy. Whenever you leave the US, the State Department actually advises a short-term medical policy and USAway is one of the most popular options.

In total, coverage can reach $5 million and it can help with smaller problems such as lost luggage. If needed, it will also be useful for serious injury or even accidental death. As optional extras, you can also include dangerous sports or hobbies as well as war and terrorism.

On the flip side, this coverage is for foreign nationals coming into the US for a period of time. If you are coming from a country with free healthcare, you might be left shocked at the costs in the US so this policy provides protection. Whether it is an illness, injury, or accident, you need this coverage that lasts for one year and can cover $1 million. Without worrying about the various restrictions, you can have this policy in place and everything will be looked after for you.

If you are a little older, you know how hard it can be to find coverage. However, that doesn’t mean that you should give up because PIU offers a ‘Bridge’ with their Major Medical Insurance. If you’re making the change from traditional insurance to Medicare, this is a temporary policy to keep you protected in the meantime. As long as you are a US resident, this can be useful whilst you wait for acceptance.

Finally, this is another simple solution with no coinsurance or co-pay. As soon as the deductible as been fulfilled, 100% of eligible expenses are reimbursed and this can reach the policy maximum or $1 million. Lasting from one month to three years, this covers home health care, prescription drugs, hospital expenses, skilled nursing facilities, etc.

Next we have a section that may not be covered in traditional policies but you will find with Petersen International Underwriters.

In life, there are situations that we all wish to avoid but that doesn’t mean that we should put a pillow over our heads and pretend the risks don’t exist. With this in mind, kidnap and ransom insurance covers all costs relating to the experience including the hiring of a negotiator, security protection, travel expenses, phone equipment, and even a ransom. After the event, the expenses will be reimbursed to the policyholder.

Sometimes, businesses use a celebrity to market their products since they are seen as ‘influencers’ within the market. With brand protection insurance, the hiring company can remain protected should the media uncover some damaging details about the celebrity. At all times, the brand remains protected and can receive compensation as well as reimbursement for any costs that arise to fix brand image.

If you were to invest in a business associate and they were to pass away uncovered, you would be left in a difficult situation. Therefore, this insurance looks to protect you even if the other party is uninsured.

Similarly, the same situation could occur after offering a loan. If the recipient dies, normally all loans will be reclaimed and this insurance looks to protect you and your investment as well as the business they were attempting to grow. Often, people forget this insurance until it is too late and they lose the investment along with the business. This policy would be supplemental to or in lieu of life insurance for a small business loan.

If you are in a business with one or more other people, this could be pivotal to the future if one partner were to die. Normally, it will put the assets of the business in a risky position but the Buy-Sell Failure to Survive plan will attempt to create a solution should disability or death occur. This policy would be supplemental to or in lieu of a typical buy sell agreement funded with life insurance. No medical exam is required.

• Fast coverage is needed (24-48 hours)
• Insurable interest is confidential
• Proposed insured out of the country
• Coverage needed for short term
• Proposed insured travels to potential war zones
• Health issues are a concern

Moving away from the owners, there could also be people in a business that have key information, power, or expertise. Should a key person pass away, no insurance would lead to insecurity for the business. By adding this protection, the business is far more likely to survive. This policy would be supplemental to or in place of key man life insurance.

• Fast coverage is needed (24-48 hours)
• Proposed insured out of the U.S.
• Coverage needed for short term
• Health issues are a concern
• Issue limits are a problem

Just like accidental deaths can occur at any time, so could disability so there are a number of disability income insurance options here.

Should a disability occur that stops you from earning an income, individual high limit disability insurance keeps both you and your family protected. If you need to supplement existing long term disability insurance or you cannot find a disability insurance company that will provide coverage for you, then Petersen International Underwriters individual high limit disability insurance just might be the answer.

Petersen uses an own occupation total disability definition. Total disability means you are not able to perform the substantial and material duties of your occupation due to sickness or an injury, even if you are employed elsewhere. Petersen's looks back over the last 12 months of your employment history to determine your occupation.

Due to the own occupation total disability definition provided in your disability income insurance policy with Petersen, you can continue to receive your total disability monthly benefit, while employed elsewhere.

Additionally, if you are permanently totally disabled, you will receive a lump sum benefit payment. A residual rider is available, which pays a monthly income benefit if your income is reduced by 15%. If your income is reduced by 80%, you will be eligible to receive the full monthly benefit.

Sometimes, disability insurance can be hard to obtain with medical problems which is why guaranteed issue was introduced. With this, no medial information is required and you can receive coverage as long as you fall within the age range. As well as individual coverage, group cover is also available with this insurance.

Otherwise known as the ‘Accelerated Benefit Plan’, this was originally designed to help someone with an existing policy by adding extra coverage on top. Normally a supplemental policy, you will need to have a traditional policy in place first before seeking this opportunity. If you become disabled, monthly disability insurance benefits will come your way. Typically, this will last for five years and coverage can start at the age of 35 years.

With the white collar market in mind, this policy has a$100,000 issue limit per month. In truth, there is more freedom with this than others because you can have it as a main policy or you can use it as a supplemental policy if you already have insurance in place. If you run a business, this is a great plan to have for all executives and other powerful employees. With the more traditional carriers, this type of insurance can be difficult to obtain.

If you work in the medical field, this allows you to maintain your current living standards after experiencing an illness or injury. Once again, the issue limit sits at $100,000 per month; also, participation limits are up to 100% for businesses and 75% for personal protection of income. As with the previous option, it can be the main policy or supplemental.

In a similar vein, this policy has been designed for dentists but the premise remains the same. As a specialty occupation, high limit disability insurance is normally required for dentists but this is normally hard to find from traditional carriers since it is a highly compensated industry. With PIU, the option is available with the same limits as the previous two options.

In years gone by, entertainers were seen as ‘too risky’ for insurance and the companies dislike the fact that they can be unemployed for months on end with no secure income. Furthermore, the more successful entertainers need huge monthly benefits should they experience disability. With StarCover Disability Insurance Plan, PIU works with the client to offer a customized policy. If you work in TV, music, or film, you can contact the company today to arrange the first contact.

After the main stars, PIU also covers all those who work within the industry which includes constructions workers, artists, camera operators, producers, directors, special effects individuals, lighting specialists, animators, electricians, stunt people, writers, editors, sound editors, and designers. Once again, incomes can fluctuate which puts off traditional carriers for disability insurance but this is achievable with PIU. With monthly benefits between $1,000 and $100,000 a month, all income can be replaced after a disability.

Much like the options we have seen previously, this is a well-paying job that requires high limit disability insurance which most companies look to avoid. However, PIU offers support for the industry with primary coverage or supplemental plans. Monthly benefits up to $100,000, it ensures that food still reaches the table and bills can be paid.

For all those who work in the legal scene - including judges and attorneys - they often exceed the market limits for income. Sadly, this means that many legal professionals are simply underinsured which is just as dangerous as having no policy at all. With PIU, coverage is possible and protects against disabilities.

Not to be confused with pilot life insurance, this policy protects against a pilot's loss of his or her license. Most commonly seen with pilots, many professionals have been told for years that they cannot get insurance because there are too many factors that could cause them to lose their license. Because it is such as high-pressure job, even the smallest medical condition can revoke a license which leaves them in a tricky position. Once again, PIU has the answers with this policy because they pay up to 60 months after injury or illness and monthly benefits reach $25,000. If the license is lost permanently, a lump sum will be paid.

With this policy, there are numerous extras built-in including transplants benefits, waiver of premium, and compensation for recurrent disabilities. As long as you have a job in these industries, you can maintain your standard of living even after disability with PIU. As we have seen before, limits can reach $100,000 per month and participation limits are 100% for businesses and 75% for personal cases.

With this policy, 65% of your income is protected (up to $20,000 per month); also, you will find options for 50% and 80% depending on the premiums you wish to pay. As long as you are aged under 64, the policy can remain for three, four, or five years and most occupations are now considered for acceptance.

Designed for executives of companies that are publicly traded, this plan can be for the long-term and protects against career-ending disabilities. After an accident or injury occurs, salary and bonuses are considered and around 80% of compensation can be made up of stock options which gives you a chance to make money even after disability.

When building a pension plan, getting struck down with a disability can be extremely damaging. As you can’t earn money, your pension has to take a step back and you might even need to dip into it to pay the bills. If you’re concerned about your retirement and want to prevent this from happening, this policy will ease your concerns.

If you manage to achieve 65% of your income after disability, this is great for today but what about the future? Unfortunately, this isn't likely to help enough and you could lose your opportunity for a higher standard of living. Therefore, PIU has put this policy in place and can provide protection of up to $1 million.

Finally, we have one more field to cover and this is for all the chiropractors reading. If you are in this field, you will know that underinsurance is a common problem but not one that needs to continue. With PIU, issue limits reach $100,000 per month with participation limits of 100% for businesses and 75% for personal use.

Before we move onto the final section of ‘Athlete Disability’, we have a few examples of PIU’s business disability policies.

As we discussed with an earlier option, this is important within a business because it affects what happens when one partner becomes disabled and can no longer contribute to the business, but still may be receiving a salary. Many business owners consider the death of the partner, which is why the normal approach is to fund a buy sell agreement with life insurance. However, business owners forget about disability and how this impacts the business. With PIU, this policy will help the business to continue in the most efficient way possible after the disability of one or more partners. With this in place, the company can continue long into the future while remaining financially secure.

Lump sum and monthly benefits are available.

Buy Sell Plus offers a combination of a buy sell agreement and key person insurance. With this slightly different offering, a key person can receive a monthly benefit of up to $50,000 after a standard 90-day elimination period. After the 90 day elimination period, the key person disability insurance lasts for 9 months. After 9 months the buy sell benefits begin. If there is a cash flow deficiency after a partner becomes disabled, this is plugged by the benefit and enables the business to continue.

While personal disability plans keep the family protected, business overhead expense insurance helps to pay all expenses after a disability such as rent and utility bills. Again, these have all been designed so that your long-term future doesn’t need to be impacted by a short-term disability. In addition to the policy, you can also add a salary replacement rider as well as a residual disability rider.

As before, key man life insurance is separate from key man disability insurance. Key person disability insurance is to insure all key persons within a business are protected if a disability occurs and it could even cover the hiring of a temporary replacement employee after the key man suffers a disability. Whether they hold key accounts or important information, businesses always have executives or employees that are relied upon. A key employee is one who provides significant value to the business and whose loss would cause financial harm to the business.

Lump sum benefits up to $20,000,000 and monthly benefits up to $100,000 key employee disability benefits are available. Available for ages up to 75 and most occupations will be considered for key person disability insurance.

In this policy, it will ensure that all parties within a business follow a contract even when unforeseen circumstances occur. Whether the contract falls between clients, business partners, or even suppliers, the relationships can be maintained thanks to the program.

When an employee loses their job, they lose the insurance without being able to buy individual insurance due to unemployment so this is a big problem. Fortunately, these customizable high limit disability plans have been designed for the occasion. Within the severance package, a long-term high limit disability policy will be in place.

For some companies, they will sign a salary continuation document to suggest that all employees will continue to receive full pay after disability. For the company, this can be devastating because they are paying a full salary for no return which is why this insurance is important. Once it is in place, it protects both the employee and the company.

Finally, borrowers often need to provide disability insurance when contacting the bank for a loan. Therefore, the bank knows that they will still get paid after disability. If possible, the individual or company should get insurance that pays the remainder of the loan after permanent disability.

In the last section, we have four insurance policies that protect athletes from disabilities and they go as follows:

First, an injury or disability can be devastating for those in college or high school with potential to make it to the professional leagues. Otherwise known as ‘Draft Protection Insurance’, the loss of future earnings can be prevented should the student succumb to an injury or disability that threatens their career.

To protect the loss of endorsements, income, and future earnings, PIU has a specialized section of cover for racing drivers. If you were to become disabled, it offers weekly and monthly benefits as well as money per missed race.

Just like coverage for racing drivers, there is also a policy in place for jockeys with the same type of benefits and uses - this also covers trainers.

Finally, the same can be said for those with a golfing career as well as teaching professionals and touring professionals. With the policy in place, injury and disability shouldn’t leave you without money and no means of making money.

So, what are you waiting for?  Give us a call today or visit our Term Life Insurance Quotes page and see what we can do for you.