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OVERHEAD EXPENSE COVERAGE
Of all the events you need to consider when evaluating the need for disability insurance you need to insure that you can keep your office running in the event of a short term illness or accident. In many instance the amount of money required to meet your normal operating expenses could exhaust your savings in a very short period of time. Through these tax deductible policies you can access the funds necessary to meet your obligations and keep your practice going until you can return.
Business Overhead Expense (BOE) insurance is a disability policy that reimburses a practice for specific overhead expenses. Coverage can cover such expenses as accounting, advertising, utilities, employee benefits equipment loans, insurance premiums, and mortgage or rent payments.
To request a personalized proposal based on your current overhead obligations please click here. To speak with a representative please call 800 214 7039 or email at proposals@insmedinsurance.com.
| Maximum Monthly Benefit |
Up to $30,000/month (with full underwriting). |
| Available Benefit Periods |
Benefits can be provided for 12, 18 or 24 months. |
| Available Waiting Periods |
Benefits can begin after 30, 60, or 90 days of disability. |
| Taxation of Premiums and Benefits |
In most cases, premiums are fully deductible to the business and benefits are taxed as normal income to the practice. |
| Definition of Total Disability |
Inability to perform the substantial and material duties of your own occupation and are not working in another occupation. |
| Residual Disability (cost rider) |
Proportionate benefits are available if you are able to perform some, but not, all of the substantial and material duties of your occupation and you incur a monthly loss of net income. |
| Future Increase Opportunities |
Automatic benefit increases are available to help you keep your policy up-to-date. |
| Underwriting Requirements |
Non-medical application and potentially financials. |
| Plan Rates |
Rates vary based on factors such as age, occupation, smoking status and benefit amount. |
| Premium Discount |
10% Association discount. |
| Maximum Age Availability |
Age 60. |
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