Crystal & Company and MetLife Launch Group Long Term Disability Insurance That Fills a Need in Benefits for Financial Institutions

Business Wire

CrystalMax Provides Up to $600,000 in Annual Benefit with No Individual Medical Underwriting

NEW YORK--(BUSINESS WIRE)-- 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 worker’s paycheck.

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 — for a 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 organizations.

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.