DISABILITY OVERHEAD EXPENSE PROTECTION


An Important Coverage for Physicians and Attorneys in Private Practice.

Disability Overhead Expense ProtectionDisability Overhead Expense Protection helps pay your overhead expenses if you are disabled and unable to work in your occupation.  If disability strikes, your income stream can slow down, and even stop, while many expenses continue.  This policy pays the actual overhead expenses of your practice or business, up to the monthly benefit that you select.  The real benefit to you: your staff, office and practice can still be there when you can resume your duties.  

An additional benefit is that the premiums for this policy are generally tax-deductible as a business expense.  If you are responsible for a portion of the overhead expenses (e.g., you have partners with whom you share expenses), you purchase the amount of protection needed to cover your share of the expenses.  Many of our customers have told us that this coverage is becoming more important as more expensive technologies are required to do business, increasing overhead costs.

expenseWhat Expenses Can Be Covered?

  • Rent or Mortgage Payments
  • Employees’ Salaries and Benefits (excluding those of insured and members of insured’s profession)
  • Office Insurance (including malpractice,workers’ compensation, property & liabilitypremiums)
  • Electricity, Heat, Water
  • Interest on Outstanding Loans
  • Licenses
  • Practice-related accounting and legal fees
  • Other fixed office expenses

You may wonder whether you need Disability Overhead Expense if you already have Disability Income protection.   Your Disability Income protection is meant to replace your income and is for living expenses for you and your family.  Disability Overhead Expense Protection complements your individual coverage, so that you don’t have to dip into the coverage you obtained for your personal and family expenses to pay your staff’s salaries or your share of the office rent and other office expenses.


The Sellers & Co. Advantage
Our agency administers the Disability Overhead Expense Programs we offer for Physicians and Attorneys.  That means that you will receive personalized service directly from our agency – including at time of claim if you are injured or sick.

Please click below to learn more about the Benefits offered under the Disability Overhead Expense Program for:

(Information provided is a summary only.  For complete terms and limitations, please refer to the applicable Certificate or Policy of Insurance.  Specimen copies available upon request.)


Benefits of your Physician Disability Overhead Expense Protection Program:

Renewal Security
Coverage is guaranteed renewable as long as:

  • You are a Physician under age 75
  • You are active in the profession
  • If your coverage is sponsored by a Medical Society, as long as you are a member of the Society and the Society continues to sponsor the program.
    (Conversion policy available).


Favorable Benefit Limits - Available Under Age 60 

  • Up to $30,000/month, payable for 24 months 
  • Up to $40,000/month, payable for 18 months
  • Up to $50,000/month, payable for 12 months
    (Based on Health & Financial Underwriting)

Choice of Waiting Periods

Four Waiting Periods available:

  • 15, 30, 60, or 90 days

Eligibility
To apply, you must be under age 60 and your application must be acceptable to the Insurance Company, including satisfactory evidence of insurability.  In areas of New York State where a County or District Medical Society has endorsed this program, Society membership is required.

Reasonable Rates
The group purchasing power of physicians in the program and group administration results in favorable rates for physician customers.

Valuable Optional Benefits Available

  • Recovery Benefit Rider –
    Helps You Get Back on Your Feet

    This pays a lump sum benefit on return to work in addition to the monthly disability benefits received during disability, if you have been receiving disability benefits for 45 days or longer.
  • Guaranteed Purchase Option – When Your Expenses Rise, So Should Your Coverage.
    Available to customers under age 45, this is an option to increase your coverage by 25% on your second, fourth, sixth, and eighth policy anniversary dates, without medical underwriting.
  • Underwritten by Life Insurance Company of Boston & New York (Athol Springs, New York)



Benefits of your Attorney Disability Overhead Expense Program

Available to Members of New York Civil & Criminal Courts Bar Association and the Federation of the Bar Associations of Western New York, and other Sponsoring Bar Associations:

Renewal Security
Coverage is guaranteed renewable as long as:

  • You are an Attorney under age 75
  • You are active in the profession
  • You are a member of the sponsoring Bar Association and the Association continues to sponsor the program.
    (Conversion policy available).

Favorable Benefit Limits   

  • Under Age 50 – up to $40,000/month
  • Age 50-54 – up to $30,000/month
  • Age 55-59 – up to $20,000/month
    (Based on Health & Financial Underwriting)

Choice of Waiting Periods and Benefit Periods

Four Waiting Periods available:

  • 15, 30, 60, or 90 days

24-Month Benefit Period

Eligibility
To apply, you must be under age 60 and your application must be acceptable to the Insurance Company, including satisfactory evidence of insurability.  You must be a member of one of the sponsoring Bar Associations, such as the New York Civil & Criminal Courts Bar Association, the Federation of Bar Associations of Western New York, or other sponsoring Bar Associations.

Reasonable Rates
The group purchasing power of attorneys in the program and group administration results in favorable rates for attorney customers.

Valuable Optional Benefits Available

Recovery Benefit Rider –
Helps You Get Back on Your Feet

  • This pays a lump sum benefit on your return to work in addition to the monthly disability benefits received during disability, if you have been receiving disability benefits for 45 days or longer.

Guaranteed Purchase Option –
When Your Expenses Rise, So Should Your Coverage

  • Available to customers under age 45, this is an option to increase your coverage by 25% on your second, fourth, sixth, and eighth policy anniversary dates, without medical underwriting.

Underwritten by Life Insurance Company of Boston & New York (Athol Springs, New York)

 

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