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Disability insurance for
business owners

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You may be eligible for up to $2,000.00 in extra benefit per month if you can satisfy both requirements listed below.
  1. Business owners must own at least 20% of a business
  2. The business must have been financially successful for at least the last two years under the current ownership arrangement, as supported by appropriate business income documentation.

You may also be eligible for a 15% discount on the premium payments if you meet these requirements. 

What is disability income insurance?

Disability income insurance, income protection, or paycheck protection is a form of insurance designed to provide an insured with periodic payments of benefits when the insured becomes disabled and is no longer able to work. 

In other words, if you own disability income insurance and become disabled due to sickness or an injury, you will be provided with a portion of your monthly paycheck you can use to pay for mortgages, rents, utilities, groceries, or other necessities you may need.

Disability income insurance is designed to replace a portion of your gross income ranging from 50 to 65 percent. This benefit is usually tax-free so it actually replaces 70 to 80 percent of take home earnings.

Employees who have group disability insurance through their employer tend to get blindsided when they become disabled because their group plan isn't what they thought it would be. 
  • Employer sponsored group plan benefits are often taxed. This means the 65 percent you thought you had, really ends up being more like 45 percent. 
  • Employer sponsored group plans are capped to a monthly maximum. This means that the group plan will only provide you with a certain amount such as $5,000 or $10,000 per month, regardless of how much you earn.
  • Employer sponsored group plans cover only salary, not bonus earnings.

built in features

The following list includes features that a quality disability income policy should have. The more the better, and if your policy doesn't include some, or all, of the features listed you might not have the protection you think you do. If your policy is lacking any of these features, contact us immediately for a free quote and obtain the protection you need.
  • Compassionate Care Benefit - A monthly benefit is paid if the insured has a loss of earnings of 20 percent or more while caring for a loved one with a serious health condition. A loved one includes a parent, a spouse or domestic partner, or a child (including an adopted child or stepchild of a spouse or domestic partner).
  • Automatic Increase Benefit - For individuals under age 60, the policy's basic monthly benefit will be raised by 4 percent each year during the increase period without evidence of insurability. 
  • Renewable for Life (Renewal Option) - With the Renewal Option, the policy owner may ask to continue the policy beyond its termination date if the policy owner is working at least 30 hours per week and is not disabled at the time of the request. Certain limitations apply. 
  • Total Disability Benefit - The policy pays the basic monthly benefit if the insured is totally disabled. Totally disabled means the insured is unable to perform the substantial and material duties of a regular occupation, and the insured is under the care of a physician. Regular occupation is the occupation at the time disability begins.
  • Presumptive Total Disability Benefit - The insured is eligible for the total disability benefit if an injury or illness results in loss of speech, hearing, sight or the use of two limbs, as defined by the policy.
  • Rehabilitation Benefit - If the insured participates in a rehabilitation program to prepare for returning to work, this benefit can pay for part or all of the costs for up to 36 months. And if the insured returns to work part-time or with limited duties while in the rehabilitation program, the Rehabilitation Benefit can also help the insured to continue to receive the maximum monthly benefit amount.
  • Residual Disability Benefit - This benefit pays a residual disability benefit if the insured is not totally disabled but is disabled enough to incur at least a 20% loss of income while the insured works but is not able to do all of the duties, or is able to do all duties but not for as long a time or as effectively as before the disability. Included with this benefit is a Recovery Benefit that pays a lump sum amount when the insured returns to work at least 30 hours per week immediately after a period when residual disability benefits were paid.
  • Survivor Benefit - If the insured dies while receiving total disability benefits, the policy pays the basic monthly benefit to the owner or owner's estate for up to three months after the insured's death.
  • Waiver of Premium Benefit - The insurance company will waive all premiums due under the policy while disability or recovery benefits are payable.
  • Cosmetic or Transplant Surgery Benefit - The insurance company will pay a monthly benefit if the insured becomes totally disabled more than six months after the policy's effective date because of a sickness or injury caused by cosmetic or transplant surgery. 

Optional Benefits

Future Purchase Option
This rider provides the opportunity to increase benefits without medical underwriting. Increases may occur on each policy anniversary or, subject to specific conditions, increases may take place off anniversary.

This rider allows benefit increases to be purchased subject only to financial underwriting requirements. The Option Pool Amount is the total amount of increase that can be purchased under the rider. The owner may apply for up to a specified portion of the pool, according to attained age and subject to financial qualification
Indexed Cost Of Living
This rider provides for an increase to the monthly benefit payment during a prolonged period of disability based on changes to the Consumer Price Index.

The Indexed Cost of Living Benefit Rider increases Disability benefit payments by an indexed percentage amount at each anniversary of disability for which a benefit is payable. The monthly benefit amount is a percentage of the base amount for Total or Partial Disability. The percentage applied is based on the average annual change in the Consumer Price Index for All Urban Consumers (CPI-U) subject to a cap of 3%. The benefit will not decrease even if the CPI-U decreases. The owner also has the option, on recovery from disability, of purchasing the benefit increases provided by the rider during disability.
Catastrophic Disability
The Catastrophic Disability Benefit Rider pays a monthly benefit, in addition to the basic monthly benefit, if the insured is unable to perform two or more activities of daily living without assistance, has a severe cognitive impairment, or is presumptively totally disabled.

Activities of daily living include: bathing, continence, dressing, eating, toileting and transferring. “Transferring” is moving into or out of a bed, chair, or wheelchair, with or without adaptive devices. Payments under this benefit will be in addition to any other payment made under this policy.

The Catastrophic Disability Rider is called Activities of Daily Living (ADL) Disability Benefit Rider in Georgia. 
Return of Premium
The Return of Premium Rider provides disability income coverage if you need it, your money back if you don't. From ages 65 to 67, you are eligible to receive a refund of 100% of the money you spent on policy premiums less any benefits already paid when your policy ends. 

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The Wetherell Company
Toll Free: 888-227-2105