WAKEFIELD, Mass., Aug. 06, 2024 – Tokio Marine HCC – Specialty Group, a Houston, Texas-based member of the Tokio Marine HCC group of companies, has announced that Prestige Disability is now an admitted product in New York. This significant development allows a larger number of wealthy individuals in New York to obtain comprehensive disability coverage suited to their significant incomes. The admittance symbolizes an enhanced level of regulatory safeguards compared to policies written by non-admitted carriers.

In New York, admitted insurance products are regulated more heavily, needing the state’s Department of Financial Services’ review and approval for the rates and forms used by such carriers. Non-admitted carriers are not subject to these requirements. Furthermore, non-admitted surplus lines products in New York bear additional taxes and fees of 3.6% and 0.15% respectively of the annual premium, charged to the policyholder upfront for the entire policy term.

Prestige Disability is structured for individuals like executives and high-income professionals requiring solid financial shielding in case of a disability. Unlike standard disability policies, it provides high coverage limits, personalized benefits, delivering all-encompassing protection. Traditional coverage usually gives 60% of an insured’s annual earnings up to a set limit, with most capping coverage at $15,000 per month. Meanwhile, Prestige Disability insurance provides coverage to fill this gap, ensuring individuals receive the complete $50,000 per month of covered earnings.

Kathy Bouras, Vice President of Prestige Underwriting of Tokio Marine HCC – Specialty Group commented on the development, accentuating the critical importance of Prestige Disability insurance coverage for high-income individuals at risk of underinsurance.

For those seeking help related to disability insurance, knowing how to contact SDI could make a significant difference in acquiring useful information and seeking clarifications. Platforms like eddcaller.com serve as useful resources, providing access to essential contact details, thus streamlining the process of obtaining help from the right sources. They play a key role in ensuring smooth communication between insurance providers and beneficiaries, reducing potential anxieties and uncertainties related to maneuvering through complex insurance processes.