|[March 20, 2017]
Crystal & Company and MetLife Launch Group Long Term Disability Insurance That Fills a Need in Benefits for Financial Institutions
Crystal & Company, a leading national insurance brokerage firm, in
collaboration with MetLife, announces a unique long term disability
(LTD) insurance plan: CrystalMax. CrystalMax is well-suited to serve the
specific needs of financial firms where talented, higher income earners
are attracted by exclusive benefits packages.
The risk is real. According to research from WebMD, one in three
employees will become disabled before retirement. However, limited
options in the market prevent mid-sized financial institutions from
providing adequate protection to their employees in the event they are
unable to work due to illness or injury.
Standard LTD policies cover 60% of earnings up to $10K a month, which is
inadequate protection for high earning employees. Additionally, most
employer-sponsored coverage doesn't include bonus and commissions in the
calculation of earnings, which can be a significant percentage of a
CrystalMax provides enhanced income protection to high earners and those
whose salaries depend on variable compensation to maintain their quality
of life, preventing them from suffering financial and personal hardship.
Coverage is available to all employees - without individual medical
underwriting - fora monthly benefit of up to $50K.
The distinctive group plan is available for financial institutions with
at least 40 employees.
"We heard from a lot of our clients-particularly at small and mid-sized
financial institutions-that they wanted to be able to offer their
employees additional income protection in case they suffer from a
serious illness," said Michael S. Grant, Executive Managing Director of
Employee Benefit Services at Crystal & Company.
"There is now a big focus from a benefits perspective to assure that
employees feel valued and have adequate protection when they need it the
most. However, many high-income earners are forced to buy their own
disability coverage to protect themselves, in addition to what their
employer offers. This added coverage often comes with a costly premium
due to a medical underwriting requirement. CrystalMax solves that
concern," he added.
CrystalMax is Crystal & Company's latest example of delivering
customized, multi-year benefits strategies to help financial
institutions attract and retain a talented workforce.
About Crystal & Company
Crystal & Company is the home for talented insurance professionals:
creative, committed to their clients and driven to deliver extraordinary
results. The company drives the strategy and execution behind insurance
and employee benefits programs for businesses that want to be smart
about risk. Crystal & Company is the insurance brokerage of choice for
leading financial institutions, corporations, and nonprofit
Headquartered in New York City, the firm has 11 regional offices
throughout the United States and is an equity owner of Brokerslink, a
global broking company with members in more than 95 countries around the
world. Visit www.crystalco.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170320005227/en/
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