Speciality Risk

What is Speciality Risk?  Within Life Insurance and Disability Insurance the term ‘Speciality Risk’ describes people or situations who do not fall into the category of normal in the eyes of an insurance company.  This can be due to occupation, high income, health issues, or unique needs.  Utilizing a ‘Speciality Risk’ life insurance or disability insurance policy is not necessarily a bad thing, nor does it necessarily mean higher premium costs.  Speciality Risk means out of the box thinking and approaches.

Some examples of speciality risk include:

  • Airline, Military, & Law Enforcement Pilots
  • Law Enforcement SWAT or Dive Team Members
  • Highly Compensated Medical Professionals
  • Project Completion (Movies, Construction,
  • Military Pilots & Contractors
  • Professional Athletes, Actors, & Musicians
  • Unique Health Issues (ie. Weight, Kidney, HIV)
  • International Travel
  • Business Owners

These are just a few examples of unique situations which require an insurance expert with experience.  Bryan Wisda, Almega Life Solutions’ President, has almost 2 decades experience working with the wealthy clientele who often times require a speciality risk insurance program.  Speciality Risk lies at the core of our mantra, Simplify Complex, Realize Impossible.

Speciality Risk Examples

  • Estate Planning with Cancer

    Bob & Betty were a very successful couple.  Bob had worked as an executive in the telecommunications industry for years before being elected as a politician.  They had grown their wealth to over $20 million dollars.  The thought of losing 1/2 their wealth to estate taxes didn't sit well with them.  As they were starting the estate planning process Bob was diagnosed with very aggressive lymphatic cancer.   Working with Bryan they were able to secure a $8 million dollar '2nd to Die' life insurance policy through Lincoln National to be placed inside of an irrevocable life insurance trust.  Prior to working with Bryan several other insurance agents who represented major life insurance companies were unsuccessful.

  • Law Enforcement Dive Team

    A Sergeant with a large county Sheriff's Department in California sought to secure additional life insurance over and above what he could acquire through work.  The sergeant though was a member of the Department's Rescue Dive Team.  SCUBA diving is extremely dangerous and life insurance companies charge higher premiums to those who SCUBA dive.   As a member of the Department's dive team he doesn't dive like a recreational diver would -- the dive team recovers dead bodies, raises sunken vehicles, and searches for evidence in rivers, lakes, and canals.  Working with Bryan the sergeant was able to secure additional life insurance without paying additional money as a dive team member; Bryan was able to work with Prudential to understand the training and safety precautions of a law enforcement diver.

  • Executive Disability Insurance

    Lizza is a C-Level executive with a major health insurance company.  She earns almost $1 million per year as a base salary in addition to stock option incentives.  Lizza and her husband have 3 children together; her husband does not work.  Obviously Lizza was worried if she got disabled due to an injury or illness and could not work her family would suffer financially.  She worked with an insurance agent and secured a $10,000 per month disability benefit which is the highest benefit most disability insurance companies will issue.  A couple years later Lizza worked with Bryan and was able to secure $50,000 per month disability insurance policy through Lloyd's of London.

  • Morbidly Obese Business Owner

    The founder of a large production plastic molding company was referred to Almega Life Solutions to secure $10 million in life insurance.  The molding company had recently been awarded a large production contract for a defense contractor.  The defense contractor was worried about the founder and CEO of the company being morbidly obese and as such required he secure a life insurance policy as part of the contract.  The founder was 45 years old and weighed 380 lbs.  Almega Life Solutions was successfully able to secure a $10 million dollar 10 year term policy fulfilling the requirements of the contract.