Disability Income Insurance for Farmers/Agribusiness, Contractors and Small Business Owners
- Farmers Disability Income
- Business owners Disability Income
- Business Overhead Expense
Farmers and Agribusiness Owners
The Farmers Disability Income policy provides:
- Monthly income for total and partial disability
- The amount of monthly benefit which may be issued is determined by the insureds earned income
- It has a two-year Own Occupation definition of disability
- It is guaranteed renewable
- Elimination periods are the same for sickness and injury
- Periods available are 30, 60, 90 or 180 days
- Benefit duration's can be 1 year (issues as a rider), 2 year (issued as a rider r separate policy), 5 year or to age 67
- Rates are determined by age, sex, tobacco usage and occupation class
The qualified person is self-employed in Agri-business or works for a family member owned Agri-business in a qualified occupation.
Business Owners Disability Income
The Business Owners Disability Income (BODI) policy provides:
- Monthly income for total and partial disability
- The amount of monthly benefit which may be issued is determined by the insureds earned income
- It has a two-year Own Occupation definition of disability
- It is guaranteed renewable
- Elimination periods are the same for sickness and injury
- Periods available are 30, 60, 90 or 180 days
- Benefit duration's can be 1 year (issues as a rider), 2 year (issued as a rider or separate policy), 5 year or to age 67
- Rates are determined by age, sex, tobacco usage and occupation class
The qualified person is self-employed in a qualified business or works for a family member owned business in a qualified occupation.
For example:
- Contractors that are self- employed such as carpenters, electricians, HVAC installers and landscape gardeners, or business owner/operators with other duties (such as administrative, sales, estimating, etc.).
- Merchants that are self-employed such as owner operators of retail stores or service stores.
These risks are usually classified as B, unless they are self-employed (called business owner/operator) and have other duties (such as administrative, sales, estimating, etc.), then they may qualify as A to AA risks. Merchants' coverage applies to risks such as retail sales stores, service stores classified as either AAA or AA.
Business Overhead Expense
The Business Overhead Expense (BOE) policy is designed to help the small business owner keep his/her business viable during a time of disability by reimbursing the business owner for monthly business expenses such as rent, utilities, property and payroll taxes.  This product completes a comprehensive income-protection package when selected in addition to a BODI policy.  BOE provides:
- Monthly benefits for total and partial disability
- The amount of monthly benefit which may be issued is determined by the insureds business expenses
- It has a two-year Own Occupation definition of disability
- It is guaranteed renewable
- Elimination periods are the same for sickness and injury
- Periods available are 30, 60, 90 or 180 days
- Benefit duration's can be 112, 18 or 24 months
- Rates are determined by age, sex, tobacco usage and occupation class
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