Definition:
Disability Income Insurance pays you a monthly benefit to replace a percentage of your income if you become disabled or are unable to work due to an illness or injury.

Generalities:

• Premiums & Benefits are based on age, gender, income, length of time as a dentist and health history.
• Benefits are subject to a waiting period usually ranging from 30-180 days.
• Different carriers have different "definitions" of disability.
• Benefit periods can be as short as 1 year or as long as Age 65 or Lifetime.
• The longer the benefit period, the greater the cost.

Application / Underwriting Procedures:

• Call Lisa Rogers at 303-357-2605 to set up an appointment.
• The application/completion process usually takes approximately 40 minutes.
• Have ready copies of your financial and income history.
• This required financial documentation is usually a Schedule C or W-2 or copies of your check stubs.
• Once the application is submitted, applicants will be asked to have a Paramed Exam. This usually entails a blood/urine draw, height, weight, blood pressure etc., and sometimes an EKG depending on the amount being applied for.
• Underwriting will vary from 3 weeks to 8 or 10 weeks.

Definition:
Reducing Term is another type of Income Replacement policy. This type of policy can be used to cover a loan. Usually when an applicant applies for a loan, the lender requires that they carry a Disability policy to cover the specific loan amount for the specific loan period. Its name implies its unique feature - in that the total coverage reduces over time. However, the benefit amount will always be the full amount of monthly indemnity. It is specifically designed to fund financial obligations expiring at a given time and it usually is very affordable.

Generalities:

• Premium & Benefits are based on age, gender, income, amount of eligible overhead expenses and health history.
• Benefits are subject to a waiting period usually ranging from 30-90 days.
• Benefit Periods are usually up to 24 months.
• Not all office expenses are eligible expenses under your Overhead protection. Each carrier can dictate their own provisions.

Application / Underwriting Procedures:

• Call Lisa Rogers at 303-357-2605 to set up an appointment.
• The application/completion process usually takes approximately 40 minutes.
• Have ready copies of your financial and income history.
• This required financial documentation is usually a Schedule C or W-2 or copies of your check stubs.
• Once the application is submitted, applicants will be asked to have a Paramed Exam. This usually entails a blood/urine draw, height, weight, blood pressure etc., and sometimes an EKG depending on the amount being applied for.
• Underwriting will vary from 3 weeks to 8 or 10 weeks.

Generalities:

• Premiums & Benefits are based on age, gender, income, amount of eligible overhead expenses and health history.
• Benefits are subject to a waiting period usually ranging from 30-90 days.
• Benefit Periods are usually up to 24 months.
• Not all office expenses are eligible expenses under your Overhead protection. Each carrier can dictate their own provisions.

Application / Underwriting Procedures:

• Call Lisa Rogers at 303-357-2605 to set up an appointment.
• The application/completion process usually takes approximately 40 minutes.
• Have ready copies of your financial and income history.
• This required financial documentation is usually a Schedule C or W-2 or copies of your check stubs.
• Once the application is submitted, applicants will be asked to have a Paramed Exam. This usually entails a blood/urine draw, height, weight, blood pressure etc., and sometimes an EKG depending on the amount being applied for.
• Underwriting will vary from 3 weeks to 8 or 10 weeks.

DON'T GET CONFUSED:
Many clients become confused when discussing two drastically different policies with similar sounding names. Business Overhead is often confused with Business Owners. Both can have acronyms of "BO" coverage. But remember, Business Overhead Expense disability policy covers overhead expenses just like its title implies. Business Owners coverage refers to a Property & Casualty policy that covers things such as premises and equipment, etc.