Wealthy Hedge Fund Manager Paralyzed
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Wealthy Hedge Fund Manager Paralyzed
Estimated Lost Earnings: $18 Million
The jury revealed this month, Edward Petner, a successful hedge fund manager, will NOT be rewarded damages for an accident that left him confined to a wheelchair and unable to work at a job that had once earned him millions.
While cycling through Connecticut, Petner reportedly swerved into a travel lane to avoid a traffic cone. Instantaneously, he was struck by a moving vehicle.The impact severed his spine. The police report states Petner wasn't traveling in the designated portion of the lane and failed to stop for a red light. The driver's attorney said, "It took a lot of courage for the jury to turn down this man who was so seriously injured." Petner's lawyer notes the jury could not get past the fact that Petner was very successful and wealthy. Married with four children, Petner is devastated by the verdict. INSURANCE CONNECTION ERA Disability Income Coverage: Individual Benefits up to $500,000/ month
We recognize that this is a tragic event. Had Petner worked with an insurance advisor who constructed his disability portfolio with Exceptional Risk Advisors, many of his financial losses could have been avoided. Assume Petner was earning $2M annually. High limit disability income coverage insures high earners up to a 60 percent income replacement ratio. In the event of a disability, our policy would have paid Petner $100K/ month for 5 years. If after 5 years an insured is deemed permanently disabled, the contract would pay an additional lump sum benefit to provide the insured with a "golden parachute" to retirement. Problem: Traditional disability carriers cannot meet the income replacement needs of ultra-high income earners. Solution: High Limit Disability Income
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What About
Key-Person Disability? Do you think the management company had Key-Person coverage on Petner? We know if you were the advisor,
they would be exceptionally covered. |
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Exceptional Risk Advisors' CEO Selected as Elite Advisor Forum Contributor
Ted Tafaro has been selected to join The Elite Advisor Forum, a joint initiative created by Financial Planning Magazine and CEG Worldwide, to provide advisors with insight from top industry experts on serving affluent clients.
View Full Press Release Ted will be contributing articles throughout the next year to provide advisors with a "Lloyd's perspective" across affluent markets. Topics will include unique insurance programs for Athletes, Entertainers, Business Owners, Hedge Funds, the private equity sector, Physicians and Surgeons, Attorneys, and the like. First Contribution: Derek Jeter Needs You |
