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Disability Income Protection Insurance
If you are viewing this page, you are on your way to better understanding why disability income protection plans are important to you, your family and your business.  Most people need to be actively working to earn an income.  If you can not work due to illness or injury, it is likely that your income would stop.  Disability insurance is the best way to protect yourself against this type of loss. Request a quote for disability income protection

Products
We have a variety of income protection products

  • Long Term Disability benefits
  • Short-Term disability
  • Individual multi-life concept
  • Group disability
  • Key man coverage
  • Business overhead expense coverage
  • Individuals; request a quote here
  • Employers, please call for consultation
  • Optional benefits include catastrophic illness coverage, return of premium 

Carriers
We represent the carriers below, but have access to more if necessary

  • AIG American General
  • Assurity Life
  • Fidelity Security
  • Illinois Mutual
  • MetLife
  • Mutual of Omaha
  • Petersen International
  • Principal
  • Regence Life & Health
  • SunLife
  • The Standard
  • Union Central

Below are some ideas for you to consider:

  • Disability Income comes in 6 different areas - You probably need at least one of them:
    -Individual Disability - coverage to pay the rent and buy groceries when disabled.
    -Business Overhead Expense  - reimburses the business owner for expenses to keep their business a going while they are disabled.
    -Buy-Sell - coverage to complete a Buy-Sell agreement if a partner is sick or hurt for a year.
    -Key Person - infuses funds into the business in case one of their important employees is disabled.
    -Loan Indemnification - relieves a loan burden if client should become disabled.
    -Retirement Coverage - puts funds into separate account to replace the IRA or 401(k) that is not happening due to disability.

  • Social Security Disability - Don't rely on this!!!!!
    According to Consumer Reports (8/22/11), Social Security may not be able to make disability payments past 2017. With the economy and the aging baby boomers - the number of claims has doubled. The really bad item is that with all these claims - it is taking a good 18mths - 2 years for the administration to consider your claim. Protect yourself with your own individual Disability Income contract!!!!

  • Standard - their Platinum product has a series of discounts - that can be combined.  They have a Multi-Life discount, a Business Owner Discount, a Multi-Policy discount. If a client is eligible for all - that is a 30% total discount on their Individual Disability Income policy!!

  • Income lost through disability is 2 times as great as auto accident losses and 3 times as great as fire losses.
    We all insure our cars and our homes.  How about coverage for our paychecks!!!!

  • Critical Illness coverage.  More information coming soon.

 

  • Standard Insurance delivers policies faster!  We can use electronic delivery to place Individual Disability Income policies in your hands in hours instead of weeks with Standard's PolicyEX service.

 

  • With Principal and MET - they offer a multi-life scenario with unisex rates. It can come out where it is more economical for the business owner to buy minimal coverage on 2 employee in order to get the discount.

 

  • Tax-Free! Don't forget that disability income benefits paid to the client are non-taxed. This means that if we are looking at a 60% replacement - the policyholder will probably be getting close to what they were netting from their income.

 

  • Key Person Disability Income - this nifty product infuses a business with funds in the case that one of their more important employees is away on disability.  The business can do anything they want with the funds. The premium is not deductible - but then again the benefits come into the business Income Tax Free

 

  • Automatic Increase Benefits - almost all of the white collar companies have this benefit.
    This is where the company will send the client a letter each year - for the first 5-6 years - letting them know that they are increasing the benefit of their policy by around 4%. All the client has to do is nothing - but pay the premium. (for a $5k benefit - 4% is $200/mth. Premium may run $2 or so a month). This is a great way to keep up a bit with inflation. 

  • Mutual of Omaha - New Occupational Classes
    Mutual of Omaha has just come out with a new Occupation Guide - They have upgraded quite a few of their occupations. This is the company that has Short Term Individual coverage; Accident Only disability coverage and Full Long Term Disability coverage. Their short term will go down to a 0 day elimination period and up to 24month benefit period. 

  • Principal - they have just adjusted their Business Enhancer.
    If you have a business owner who has been so for at least 2 years and earning over $100k - we can boost you up 2 classes!!! (on those occupations that are subject to the Enhancer). This means that someone could go from a 3A all the way up to their top class of 5A!!! That is quite a savings.

  • Deductible Premium?
    - Business Overhead premiums are always deductible. Benefits are paid reimbursing expenses, which are deductible - so it is a wash.
    - Disability Buy-Sell premiums are not deductible. Benefits are normally tax free.
    - Individual Disability premiums are usually not deductible. Only a C corp can deduct the owners premiums - in this case the benefits come taxable. 

  • Critical Illness - Don't Use it - Get your Premium back.
    With the Assurity Balance Critical Illness plan - if the client should die of any reason - the company returns their premium - less any benefit that has been paid. If a client should be diagnosed with a Heart Attack, Stroke, Invasive Cancer - they could get a lump sum up to $500,000!!

  • Underwriting Hassles? There are companies who write a certain amount without any medical - or financial requirements:
    Principal - will write up through $3,000 a month - no medical/financial documentation - up to age 50
    Union Central - will write up to $3000 without any medical. They will need financial's.
    Standard - will write up to $2500 without any medical. They will need financial's.
    MET - will also write up to $2500 without any medical. They also will need financial.

  • Business Overhead Expense - If you have any business owner - with less than 8 employees - you need to talk to them about BOE coverage.  This could mean the difference between having their business fold and just fade away - or to have a viable office which can be sold if they aren't coming back

  • COLA - Cost of Living Adjustment
    This is a rider that is frequently misunderstood. It does NOT increase the benefit from day one of the contract. It DOES increase the benefit each year - once the policyholder has been on claim for over a year. Most of the companies now have an Automatic Increase Benefit that will increase the benefit from day 1 - but normally it isn't a rider - just a benefit of the contract.

  • IRA - 401(k) Insurance?
    When a person goes on disability - not only does their income stop, but so does their ability to put away retirement funds for the future. Disability Income will normally pay to the social security retirement age - but what happens then? With Retirement Disability coverage - you have a separate contract that deposits monthly amounts into a trust for your use in the future.

  • MET Life - did you know that for some New In Practice physicians...
    MET will consider up to $7500 a month without any financial documents. They have cut out 9 different specialties to offer the $7500 a month to. Cardiologists, Gastroenterologists, Neonatalists, Neurosurgeons, Oncologists, Orthopedic Surgeons, ENT's, Radiologists and Urologists. Also -- they will offer up to $10k a month in BOE for these occupations.

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  • Non-Cancelable - Guaranteed Renewable - What do these mean?
    Almost all individual disability income plans are Guaranteed Renewable. This means that as long as the client pays the billed premium - he will have coverage. If the company proves that they need to increase premiums - they may be able to do so - but it would have to be on a whole class (like all 4A's). Non-Cancelable - these plans are Guaranteed Renewable - but have another layer. The companies cannot raise premiums throughout the term of the contract - usually age 65/67/70.

  • Disability Income - Elimination Period
    Did you know that if you have a 90 day elimination period - that you do not have to be disabled consecutively for those 90 days? A lot of people try going back to work for a week/month or two and find that they can't. Most companies will give you a total of 180 days for a 90 day elimination to be filled in.