Wilbanks Securities has recently facilitated the development of Disability Income (DI), Overhead Expense (OE), and DI Retirement Security Insurance Programs that will be offered to all our registered representatives, meeting the criteria outlined below. These programs are for you to buy for yourself, not sell to your clients. Below is a brief summary of the program highlights.

  • Principal premiums are discounted to a level where it is less expensive for you to buy the coverage through this program than it would be to buy a policy on yourself, net of after tax commissions. In addition, DSI will pay 20% of the first year commission to the registered representative, assuming he/she is licensed to sell life and health insurance.
  • Up to 100% of income can be insured against catastrophic disabilities, using the Catastrophic Disability Rider (not available in CT).
  • Insurance renewal income, 12b-1 fees, and wrap account fees that continue during a total disability will not reduce or limit total disability benefits.
  • Up to $4,000 per month of DI coverage is modified guaranteed issue (MGI) for registered representatives under age 50. For registered representatives age 50 through 60, $3,000 per month of coverage is MGI.
  • Up to $5,000 per month of OE Insurance coverage, in addition to the DI coverage, is MGI for registered representatives age 55 and under.
  • Up to $4,225 per month of DI Retirement Security coverage may also be available MGI. This program allows you to buy up to $4,225 per month of benefit, in addition to the maximum DI benefit for which you qualify, to ensure retirement savings continue during periods of total disability.
  • Securities licensed staff, age 60 and under are eligible up to $2,000 per month of DI plus $1,050 per month of DI Retirement Security, under the MGI offer.
  • New this year is a supplemental disability program underwritten by Lloyd’s of London through Hanleigh Management Inc., Lloyd’s correspondent. This unique offer provides a 5 year renewable policy to registered representatives and their clients under age 65. The MGI maximum is 10 times earnings up to $1,000,000 of benefit. The lump sum benefit is payable after 12 months if you are permanently totally disabled from your regular occupation. If you are looking for coverage above $1 million or are age 65-69, proof of medical insurability is required. The Lloyd’s MGI offer is also available to your clients.

DSI is the program administrator and will manage the enrollment process. You will be contacted by one of DSI’s advisors and given a very brief overview of the DI, OE, and RS programs. You have the option of enrolling in one or more of these programs.

If you want information on the programs now, visit www.gotodsi.com/WBS or call DSI’s enrollment office at (888) 279‑8348 (8:00am – 4:00pm Mountain Time). Identify yourself as a Wilbanks Securities registered representative or securities licensed staff and you will be provided with the program details.