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THE DANGERS OF MORTGAGE LIFE INSURANCE!!!
Signing up for the Mortgage Insurance offered by your bank or mortgage broker may be the worst financial decision you ever make!
SAY NO TO YOUR BANKS MORTGAGE INSURANCE!.. Make sure you watch the disturbing investigation on CBC'S MARKETPLACE to find out why!
DISABILITY PLAN TYPES: Continued
Which type should you buy?
OVERHEAD EXPENSE PLAN:
You’ve invested a lot of hard work into making your business a success. But what if a sudden illness or accident prevented you from running your business? Would you have to lay off employees, pass up new business opportunities or sell your business to pay day-to day operating expenses?
The chances of this happening can be reduced if you have disability insurance. Disability insurance can provide you with tax-free dollars each month if a health problem prevents you from working.
The Overhead Expense Plan is a non-cancellable and guaranteed renewable business disability insurance policy which provides a monthly reimbursement benefit for certain specified business expenses during total disability and a choice of partial or residual disability benefits during partial disability. The premiums are level to age 65.
The Overhead Expense Plan appeals to business owners and professional clients who have fixed expenses that would not be covered by the revenue generated by their business or practice, should they become disabled.
Covered Overhead Expenses:
Covered overhead expenses include most normal and customary fixed expenses. Such expenses usually continue during disability. Following are examples:
- Scheduled mortgage payment or mortgage interest plus scheduled depreciation;
- Electricity, telephone, postage, heat, water, gas, laundry;
- Property Taxes;
- Employee’s salaries (excluding your salary, salaries of other people in your profession and salaries of relatives, if hired after the start of disability);
- Accounting services, union dues, professional dues; and
- Leasing costs.
Expenses that vary with the activity of the business are generally not included. Additional professional benefits and features can be combined with this type of plan.
BUY/SELL AGREEMENT PLAN:
The Disability Buy/Sell Plan is a conditionally renewable business disability insurance policy which acts as a funding mechanism for a buy/sell agreement. The Buy/Sell Plan is designed to provide the necessary funds to enable one or more business owners to purchase the shares of a disabled partner or shareholder in the event of total disability. This coverage provides sufficient funds to complete the buy-out, while guaranteeing a fair price to the disabled shareholder or partner.
The Disability Buy/Sell Plan appeals to business partners or shareholders of small privately owned businesses, and is usually coordinated with a Life Insurance Buy/Sell Policy. Additional professional benefits and features can be combined with this type of plan.
At F1RST CHO1CE Insurance Solutions were passionate about sharing our knowledge, experience and unbiased opinions with families and individuals that are looking for a trusted advisor to help them with their Disability Insurance options.
ANY QUESTIONS?…Contact a Licensed Insurance Advisor today!