An insurer has rolled out new overhead expense and disability buy-out insurance policies.
Guardian Life Insurance Company of America, New York, says the updated overhead expense policy includes an accelerated benefits feature.
Owners also can buy a supplemental benefits rider. The rider will pay an extra month's worth of benefits that the insured can spend at any time after going on claim.
The other updated policy, the DBO policy, can provide partners in a business with the cash needed to buy a disabled partner's stake.
The policy comes with a built-in business valuation formula, a single $2 million issue limit, and a transfer-of-coverage option. A partner who leaves a company to start a new business can use the TCO to get existing DBO coverage reissued, Guardian says.
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