Disability InsuranceIn the event you can’t work
Long Term Disability (LTD) insurance is primarily intended to replace your income in the event that a disability completely or partially limits your ability to work. Depending on your income, disability insurance will replace between 40-80% of your gross income.
The amount that you qualify for is based upon your income. However, many individuals report as little income as possible in order to minimize taxes. This prudent tax strategy can reduce the amount of insurance that you qualify for, so it is crucial that you maintain the maximum amount of personal, long term disability coverage available.
Disability insurance can be complicated – with many options available. It is important to speak with an Advisor who understands the various companies, the many product choices and all of your options.
Additional types of “disability insurance” include:
- Business overhead expense
- Partner/shareholder buy-out
- Key person
- Accident only
- Guaranteed standard issue programs
Business Overhead ExpenseFor practice owners
Business Overhead Expense (BOE) insurance reimburses your practice/business for overhead expenses incurred while you are unable to work due to a disability.
The amount that you can purchase depends on your monthly qualifying expenses. Typical expenses include employee wages and benefits, rent/mortgage, equipment lease and loan payments, and utilities.
At a certain size of practice/business, this type of coverage may no longer be necessary. But if revenues would drop substantially in the event of a disability while many overhead expenses would remain unchanged, you need to purchase this coverage.
Life InsuranceProtecting your future
Life insurance represents financial stability for you and your family. A life insurance policy helps to ensure that your dependents will have the financial resources necessary to protect your home and other assets while at the same time, providing income to run your household when you die. In addition, it provides the financial resources to pay down debt, cover future education expenses, and tax burdens.
Life insurance is financial protection. The most prevalent reason people purchase life insurance protection is to replace income that would be lost with the death of a wage earner. Finally, life insurance can play an important role in estate and tax planning, cash accumulation, retirement funding, and the transfer of wealth to your beneficiaries.
Types of life insurance include:
- Term (e.g. 10 year, 20 year, to age 100)
- Whole life
- Universal life
- Joint first to die
- Joint last to die
- Insured annuity
- Debt coverage, e.g. A loan or mortgage
- Partner/shareholder buy-out
- Key person
Critical Illness InsuranceProviding living benefits
Chances are there is someone close to you, perhaps a relative or a friend who has had cancer, a heart attack, or a stroke. The increasingly high survival rate from these illnesses has caused insurers to develop a special type of insurance policy that provides living benefits. This coverage is called critical illness insurance.
Critical illness insurance pays a lump sum tax-free benefit of $25,000 to $2,000,000, thirty days after you have been diagnosed with one of about twenty covered illnesses. The covered illnesses include (though may vary slightly depending on the insurance company): cancer (malignant), stroke, heart attack, bypass surgery, multiple sclerosis, kidney failure, blindness, deafness, paralysis, major organ transplant, dismemberment, Parkinson’s disease, Alzheimer’s, Rheumatoid arthritis, and late onset insulin dependent diabetes.
HealthPlusYour benefits. Your way.
Introducing HealthPlus – a Private Health Services Plan (PHSP) that is the simplest way for business owners to save on income tax, providing up to 100% reimbursement for Health, Dental and Vision care related expenses. HealthPlus allows you to make claims as a deductible business expense while providing customizable benefits for yourself and your dependents, and to your employees and their dependents. HealthPlus is built to be flexible – it can be your only plan or supplement your existing plan.
- Online claims made easy
- Unlimited coverage
- Replace or supplment coverage
- Fully customizable
- No costly monthly premiums
- You control the cost
- Tax savings
Group InsuranceFrom small to large practices
At Protect Insurance, we have access to plans for the small one person business, to the large corporation. We promote and represent all major insurance carriers and guarantee competitive rates along with unparalleled service.
Doing business in today’s professional and business world demands that employers invest in their employees. Group insurance can help you attract and retain employees, and help minimize the costs associated with high employee turnover.
An employee benefits program can also:
- Improve morale and contribute to increased productivity by providing added financial security to employees and their dependents.
- Provide employees with a guaranteed level of coverage without medical evidence (groups of five or more).
- Give you the flexibility to reward key groups of employees with specialized benefits.
- Allow you to deduct employer-paid premiums from your taxes as a business expense.
- Provide you and your employees with coverage at a reduced cost compared to most individual policies.
Types of Employee Benefit Programs:
- Group Healthcare
- Salary Continuation Program
- Healthcare Spending Account