BUSINESS OVERHEAD EXPENSE
Not currently approved in New Hampshire and New Mexico.
If you become disabled and unable to work at your own occupation, Business Overhead Expense Insurance can keep the business up and running until you return to work. Business Overhead Expense Insurance can provide financial protection for the business you have worked so hard to build.
Not currently approved in New Hampshire and New Mexico.
If you become disabled and unable to work at your own occupation, Business Overhead Expense Insurance can keep the business up and running until you return to work. Business Overhead Expense Insurance can provide financial protection for the business you have worked so hard to build.
- Monthly benefit ranges from $500 to $20,000 per month. You pick the level of insurance you need.
- Two Benefit Durations are available: 12 months or 24 months.
- Benefits start after 30-day elimination period.
HOW TO APPLY
To begin your application, click on the link below and you will be directed to the Ryan Insurance Strategy Consultants application website. Be sure to answer all questions related to the application to the best of your knowledge.
To begin your application, click on the link below and you will be directed to the Ryan Insurance Strategy Consultants application website. Be sure to answer all questions related to the application to the best of your knowledge.
CUSTOMER SERVICE PORTAL
Visit our customer service portal to view your policy information, update your personal information, change the bank account used to pay your premiums and update your monthly earnings for your disability policy(s). Once on the customer service portal homepage, click the red button to download the user guide and information on how to register. If you have additional service and/or administrative questions you can call the customer service center at: (866)809-3899 or email the customer service center at: [email protected]. The customer service center fax number is: (816)-968-0660.
FEATURES AND BENEFITS
Benefits can be used to help pay for a wide range of eligible expenses, including: • Office rent • Employees’ salaries and insurance premiums • Utility bills, including electric, heat, water, gas and telephone • Premiums for business and malpractice insurance • Accountant’s fees • The monthly average of taxes and mortgage interest payments on the business premises a member owns or leases and uses in their profession • Other fixed overhead expenses that are normal and customary in operating their business
We will not pay benefits for any Disability caused by:
1. war, whether declared or undeclared, or act of war, insurrection, or rebellion;
2. intentionally self-inflicted injury;
3. attempted suicide; or
4. commission of or attempt to commit a felony.
Benefits will not be paid while You are confined in a penal or correctional institution.
Disability defined
Disability means that, due to Sickness or as a direct result of accidental injury:
• You are receiving Appropriate Care and Treatment and complying with the requirements of such treatment; and
• You are unable to perform the material and substantial duties of Your Own Occupation.
For purposes of determining whether a Disability is the direct result of an accidental injury, the Disability must have occurred within 90 days of the accidental injury and resulted from such injury independent of other causes.
If Your occupation requires a license, the fact that You lose Your license for any reason will not, in itself, constitute Disability.
Benefits can be used to help pay for a wide range of eligible expenses, including: • Office rent • Employees’ salaries and insurance premiums • Utility bills, including electric, heat, water, gas and telephone • Premiums for business and malpractice insurance • Accountant’s fees • The monthly average of taxes and mortgage interest payments on the business premises a member owns or leases and uses in their profession • Other fixed overhead expenses that are normal and customary in operating their business
- Monthly maximum benefit from $500 to $20,000. Increments of $100.
- 30-day Benefit Elimination Period
- Option of 12-month or 24-month Benefit Duration
- Own Occupation definition of disability
- Waiver of Premium included
- Must be under age 65 to enroll. Must be under 55 in California.
- Available to all active NAPFA members working 20 hours per week.
- Coverage terminates at age 80.
- Your coverage will begin on the 1st of the month following the date your enrollment form is approved and your premium has been paid. You must be actively at work on the date insurance is to take effect; otherwise, the insurance will take effect on the date you return to work. All coverage is subject to medical underwriting.
We will not pay benefits for any Disability caused by:
1. war, whether declared or undeclared, or act of war, insurrection, or rebellion;
2. intentionally self-inflicted injury;
3. attempted suicide; or
4. commission of or attempt to commit a felony.
Benefits will not be paid while You are confined in a penal or correctional institution.
Disability defined
Disability means that, due to Sickness or as a direct result of accidental injury:
• You are receiving Appropriate Care and Treatment and complying with the requirements of such treatment; and
• You are unable to perform the material and substantial duties of Your Own Occupation.
For purposes of determining whether a Disability is the direct result of an accidental injury, the Disability must have occurred within 90 days of the accidental injury and resulted from such injury independent of other causes.
If Your occupation requires a license, the fact that You lose Your license for any reason will not, in itself, constitute Disability.
Current BOE Monthly Premiums
Examples of monthly Premiums based on $1,000 Monthly Benefit
COVERAGE TERMINATES AT AGE 80
Examples of monthly Premiums based on $1,000 Monthly Benefit
COVERAGE TERMINATES AT AGE 80
Age |
12-month Duration |
24-month Duration |
<30 30-34 35-39 40-44 45-49 50-54 55-59 60-64 65-69 70-74 75-79 |
$2.40 $2.70 $3.10 $3.90 $5.10 $7.40 $11.60 $15.50 $19.40 $23.30 $34.10 |
$3.00 $3.40 $3.80 $4.70 $6.30 $9.10 $14.40 $19.20 $23.70 $28.80 $42.20 |
*Open enrollment does not apply to those previously declined. Medical underwriting will apply during the open enrollment period depending on age and amount of coverage applied for.
|
Underwritten by:
Metropolitan Life Insurance Company 200 Park Avenue New York, New York 10166 |
Administration by:
Forrest T. Jones and Company, Inc. 3130 Broadway Kansas City, Missouri 64111 |
The Business Overhead Expense is made available through NAPFA professional association. This fact sheet merely describes the coverage and is not a contract of insurance. Complete terms and conditions are listed in the Group Policy issued to NAPFA by Metropolitan Life Insurance Company. Each insured member will receive a Certificate of Insurance outlining his or her coverage under the plan. Like most insurance policies, insurance policies offered by MetLife and its affiliates contain certain exclusions, exceptions, reductions, limitations, waiting periods and terms for keeping them in force. Please contact your plan administrator for costs and complete details. L0822025449[exp0824][All States][DC,GU,MP,PR,VI]