Disability
Personal Disability Insurance - Individual disability insurance is a product designed to replace 45 to 60% of a policy holder’s gross income on a tax-free basis should a sickness or illness prevent them from earning an income. This type of insurance is very unique, No two policies or companies offer comparable benefits and coverage.
For example:
Does your client need coverage for lifetime? Or until age 65?
Does your client need a plan that offers "own" occupation, or will "any" occupation suffice?
These are just a few of the questions that you can provide to us through our disability quote request form. TOPGUN Financial offers the most competitive rates with the top carriers that offer Personal Disability Income Insurance.
Business Overhead Disability Insurance -
Business overhead expense (BOE) disability insurance pays the insured’s business overhead expenses if he or she becomes disabled. A BOE policy pays a monthly benefit based on actual expenses, not anticipated profits. It is designed for businesses that rely on a small number of people (or one person) to produce revenue.
The following business overhead expenses are typically covered by a BOE disability policy:
Rent
Interest payments on some business debts
Utilities
Employees' salaries and payroll taxes
Postage and stationery
Equipment maintenance
Rental, lease, or depreciation of office equipment
Taxes on the business property location
Insurance premiums for Workers' Compensation, employee medical, and liability
Accounting fees
Buy Sell Disability Insurance - Disability Buy-Sell insurance is designed for small business owners to provide funds for the purchase of the insured’s share of ownership in the business in the event he or she is totally disabled. The policy is primarily designed for small partnerships and professional corporations. The owner may be the business, a trust, or each owner may own a policy on the other owners. The existence of a formal Buy-Sell agreement is required.
The concept of disability as it relates to a partner’s active participation in a business is often far more difficult to define and describe than most other buy-sell triggering events. For purposes of the Buy-Sell agreement, a disability Buy-Sell policy can provide, not only the funding for a partner buy-out, but the definition of total disability. This allows the insurance carrier, acting as an objective third party, to determine if a disability has occurred.