Disability income insurance using Guaranteed Standard Issue
Learn more about GSI (PDF)
Disability income insurance using Guaranteed Standard Issue
See how easy it can be to get DI coverage for your clients.
Guaranteed Standard Issue (GSI) offers a simple, convenient way to provide individual disability income (DI) insurance to a specified employee group. Coverage is issued for eligible employees without medical exams, labs, or financials. GSI can be used to help your business clients put in place plans to help them:
- Enhance their employee benefits by providing DI insurance as a key employee benefit.
- Protect the business against the loss of a key employee or owner due to a disability.
When GSI IDI is used in conjunction with group long-term disability (LTD) Insurance or Guaranteed Issue (GI) Life Insurance, you and your clients can benefit:
- Manages the risk of loss due to disability or death
- Builds a stronger client connection for you
- Reinforces positive employer-employee relationships
- Provides funds to help pay disability-related costs
GSI Resources
Many employers offer group LTD insurance as part of their employee benefits. But limits of typical group insurance often prevent higher earning employees from having sufficient coverage. Offering Principal GSI DI Insurance to key employees to supplement their group insurance is a way for employers to provide an additional benefit to their top talent. Be sure to take a look at group LTD caps when working with clients who have higher paid executives.
DI target market
- Small and midsized businesses with groups of 5+ participating employees with annual employee incomes of $75,000 or more
- Industries such as:
- Banking
- Pharmaceuticals
- IT
- Engineering
- Consulting
- Telecommunications
Learn more:
For financial professional use:
- GSI overview
- Healthcare company success story
- GSI eEnrollment
- Principal® Income Protector (DI insurance) overview
- Comprehensive disability solutions presentation
- Group/IDI illustration cover page
For employer use:
You can help your clients offer a more comprehensive employee benefits package by offering Principal GSI DI insurance and Principal® Guaranteed Issue Term II (GI Term II) life insurance to key employees to supplement their group coverage.
GI Term target market
- Small and midsized businesses with groups of 10+ participating employees1 and annual employee incomes of $75,000 or more
- Industries such as:
- Professional, scientific, and technical services
- Construction
- Manufacturing
- Wholesale trade
- Healthcare
Learn more:
- Principal GI Term II overview
- Benefit Restoration whitepaper
- Benefit Restoration flyer for business owners I Customize
- Key employee benefits video
1Will consider groups of 5-9 for employers with Principal group term life, voluntary term life, or GSI IDI plan.
Oftentimes, the most valuable assets of a business are the key people who contribute most to its success. If their loss would create a financial burden that puts the business at risk, key person insurance is a simple and efficient solution. Funding key person insurance with disability and life insurance can help protect the business against the loss of a covered key employee or owner1. If the unexpected happens, the business receives funds, generally, income tax free2, to help overcome the financial challenge of the loss.
Using GSI for Principal Key Person Replacement disability insurance and Principal GI Term II life insurance makes the underwriting process quick and easy for the proposed insureds.
Target market
- Owners and employees who have specialties or experience not easily replaceable
- Industries such as:
- Professional, scientific, and technical services
- Construction
- Healthcare and social assistance
- Finance and insurance
Learn more:
- Key person insurance employer flyer I Customize
- Key person insurance video I Share
- Principal Key Replacement disability insurance overview
- Principal GI Term II overview
1Individual must own 50% or less of business to be eligible for Key Person Replacement disability insurance. If the insured is 50% or less owner, the business must be in operation for at least one year for fee-for-service businesses and three years for others. 2If the requirements of the Internal Revenue Code Section 101(j) are not met, death proceeds from employer-owned life insurance contracts may be taxable as ordinary income in excess of cost basis.