We look at hundreds of insurers for our insurance company reviews, but Petersen International Underwriters(PIU) has the most unique offerings by far. Petersen International Underwriters is one of our go-to life insurance companies for those hard to place cases that need to find a home.
They might not be one of the best life insurance companies for someone who is in superman-level health. However, Petersen International Underwriters has carved out a specific niche in servicing the high-risk life insurance market. Simply put, Petersen International Underwriters says yes where other life insurance companies won’t touch the case.
Petersen International Underwriters History
Petersen International Underwriters was born out of the childhood experiences of its founder W. Harold Petersen. Harold grew up in a small town called Council Bluffs in Iowa. Harold’s father becomes afflicted with a terrible chronic condition when he was young.
Harold’s dad’s back pain lasted for years and eventually resulted in his total disability and subsequent loss of his family’s dairy farm. This was devastating to the Petersen family both financially and emotionally.
After witnessing first-hand the effects that a disability can have on a family, Harold made it his life’s mission to protect people’s income from the horrors of an unforeseen disablement. It is that drive and purpose that has resonated through Petersen International Underwriters today.
Nowadays, Petersen International Underwriters markets its insurance products through licensed insurance brokers in all 50 states, Washington, D.C., and Canada; although, not all products are available in all states or countries.
Petersen International Underwriters Financial Ratings
When we evaluate an insurance company, we always look at their financial strength first. It does not matter how great an insurance company’s rates and products are if they cannot pay the claim when the time comes.
Fortunately, Petersen International Underwriters’s ratings are rock solid. You see, Petersen International Underwriters is actually a Lloyd’s Coverholder. This means that the legendary Lloyd’s insurance company is backing PIU financially.
Since Petersen International Underwriters is classified as a surplus lines broker, they do not receive a rating directly from rating companies. Instead, they rely on the ratings of Lloyd’s market. Fortunately, Lloyd’s has been making good on its promises for over 300 years!
A.M. Best has issued Lloyd’s a current financial strength rating of A (Excellent). Standard and Poor’s and Fitch both delivered investment grade ratings as well.
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The Better Business Bureau (BBB) has awarded Petersen International Underwriters an A+, which is their highest award. This indicates that when the inevitable customer service hiccup happens, PIU does their best to make things right.
Petersen International Underwriters Insurance Solutions
Petersen International Underwriters offers a wide variety of insurance solutions, but we will focus the core of our review on their life insurance products. However, their disability insurance and health insurance products are unique and worth touching on as well.
Petersen International Underwriters Life Insurance
Petersen International Underwriters offers two types of life insurance products for particular markets. Petersen’s two core life insurance products are High Limit Accident Insurance and High Limit Failure to Survive Insurance are incredible life insurance solutions for businessmen and independent contractors.
It is not uncommon for group life insurance or group disability insurance to exclude things like war and terrorism. High Limit Accident Insurance can fill the gaps in traditional life insurance and disability insurance plans for people who need to spend time internationally abroad in a potentially hazardous area.
Petersen International Underwriters High Limit Accident Insurance Coverage Options:
Petersen International Underwriters High Limit Accident Insurance is ideal for contractors and businessmen who work internationally in areas like Iraq or Afganistan. It can be purchased immediately on a one-page application with no medical exam, has a flexible term length and has death benefit limits up to $100 Million.
Petersen International Underwriters also offers solutions for businessman looking to protect their business ventures that are contingent on the life of an individual. Petersen International Underwriters High Limit Failure to Survive Insurance provides timely underwriting of high limit insurance to financially protect a business interest against the loss of a life critical to the business venture.
Uses for Petersen International Underwriters High Limit Failure to Survive Insurance:
High Limit Failure to Survive Insurance can be a solution if a client cannot complete a medical exam, has unusual income issues or unique contractual obligations as well as health issues that prevent them from getting life insurance coverage. The flexibility of High Limit Failure to Survive Insurance provides flexible life insurance solutions in divorce decrees, hazardous occupations, and global risks when traditional life insurance is unavailable.
Petersen International Underwriters Kidnap and Ransom Insurance
Sometimes when you work in hazardous areas of the world, there are risks worse than death and disability. Imagine if you had a Captain Philips like scenario and you were kidnapped by pirates or terrorists. How would your family pay the ransom? Would they have to lose everything they worked their entire lives to build to get you back?
A Petersen International Underwriters Kidnap and Ransom Insurance policy owner can apply for coverage to protect against a financial loss caused by kidnapping or extortion. You would have to come up with the ransom first and file a claim to be reimbursed. However, PIU will even cover you if the delivery goes wrong and the ransom money is lost.
One of the best parts about the Petersen International Underwriters Kidnap and Ransom Insurance is that it provides unlimited expenses for a crisis response team that is highly trained to deal with kidnappings, ransom requests, and extortion plots.
Petersen International Underwriters Brand Protection Insurance
Today, your brand means everything. If you are a public figure your life is constantly under the microscope by the media. If the media uncovers some salacious details about your life, your fame can turn into notoriety very quickly.
If you are highering a celebrity to endorse your brand, it can be a risky proposition. Brand Protection Insurance allows brand managers to recoup costs and expenses when a campaign goes unexpectedly wrong and needs to be canceled.
Petersen International Underwriters Brand Protection Insurance Covers:
Petersen International Underwriters Major Medical Insurance
Traveling abroad can be exciting, but can be disastrous without the proper insurance coverage. US residents traveling abroad may be shocked to learn that their traditional health insurance can have gaps in coverage or even be rejected abroad. As a result, the US State Department advises international travelers to purchase short-term medical insurance when traveling outside of the US.
Imagine if you were skiing in the French Alps and fractured your leg. Since this is not a life-threatening condition, traditional major medical may not cover it since it happened outside of the United States. That is where Petersen International Underwriters Major Medical Insurance plugs the coverage gaps in your domestic coverage.
Features of the Petersen International Underwriters Major Medical Insurance Plan:
Major Medical Insurance Optional Riders:
You can use the Petersen International Underwriters Major Medical Insurance Plan for things like vacation and tourism, religious missions, visa requirements, studying abroad, and business assignments.
Petersen International Underwriters International Major Medical Insurance
Petersen International Underwriters also offers a major medical insurance solution for foreign nationals traveling to the United States on business or for vacation. Imagine if you had foreign clients visiting the United States and they became ill. They would be responsible for the cost of their medical care unless they purchase a major medical policy.
Uses for Petersen International Underwriters International Major Medical Insurance
Petersen International Underwriters Bridge Plan
The Petersen International Underwriters Bridge Plan* offers a major medical solution for U.S. residents awaiting their Medicare eligibility over the age of 60. The plan grants robust benefits that are very similar to the protections included in Medicare Part A and Medicare Part B.
Additional Bridge Plan benefits include:
*The Bridge Plan is not compliant with the Affordable Care Act (ACA).
Petersen International Underwriters Accident Only Major Medical Plan
The Petersen International Underwriters Accident Only Major Medical Plan* is built for American Citizens and U.S. Residents while living in the US or its territories. These plans are designed with simplicity in mind.
There are no complicated co-pays or coinsurance to calculate. Once your deductible has been satisfied, the coverage reimburses 100% of eligible expenses up to $1,000,000 or the policy maximum, whichever is less. You can customize the policy term from one month up to three years and include a $25,000 accidental death coverage.
Eligible Expenses Under the Accident Only Major Medical Plan are:
The Accident Only Major Medical Plan is not compliant with the Affordable Care Act (ACA).
The Final Word on Petersen International Underwriters
Thank you for reading our Petersen International Underwriters life insurance review. Petersen International Underwriters serves a niche clientele of international businessmen and travelers in the life, health, and disability insurance options, but PIU is not for everyone.
Petersen International Underwriting will cover risks that traditional life insurance companies either will not or cannot insure. That being said, you will receive a more favorable rate if you can ultimately place a policy with a traditional life insurance company.
If you are having a hard time qualifying for life insurance, let one of our licensed agents take a stab at getting you covered. Even if you have been declined before, there may be options available, like Petersen International Underwriters, that your average agent does not know about.
FILED UNDER – LIFE INSURANCE COMPANY REVIEWS
Joe is a lifelong learner with a passion for sharing what he has learned with others. Joe has publicly spoken on life insurance in the past to both colleagues at industry conferences and to consumers in educational settings and as a contributor to industry blogs. Additionally, Joe is studying for certifications such as the CFP, CLU, and RICP to further his professional knowledge.