Disability Insurance
Individual
Disability Products
The statistics are alarming. Nearly 1 in 4 Americans will become disabled
before they retire. It’s enough to have you looking twice for discarded banana
peels and open manhole covers before you walk down the sidewalk. But it
wouldn’t do you much good. The reality is accidents don’t cause most
disabilities. Instead, back injuries, cancer, heart disease and other illnesses
are usually to blame. And that’s precisely why disability insurance should be a
core component of your financial life.
ProVider Plus — protection when you
need it most
Your income is the foundation to the life you
created. Without income, everyday life and plans for the future are affected.
When you fall ill or have been injured in an accident, you have enough on your
mind without having to worry about where your next paycheck will be coming
from. Of course, if you had ProVider Plus disability income insurance, you may
not have to worry at all. Backed by Seven Corners, one of the leading providers
of individual disability income insurance, a ProVider Plus policy can offer you
flexible, robust coverage that can help protect against the financial impact of
a disability.
Things to consider
when evaluating disability income coverage:
How much income replacement
will I need?
Evaluate your monthly expenses to determine your
risk. As a general rule, you may be eligible for a monthly benefit equal to
about 60% of net salary or business income. Discuss your personal situation
with your insurance professional who can provide further detailed assessment of
your income replacement needs.
Can I also protect
any future income increases I may receive?
Any policy issued will include a monthly benefit
amount based on your current financial and occupational information. Most
policies also offer a future insurability feature (or "future
insurability option") that allows for the purchase of additional coverage
without the need to provide further evidence of good health.
When will I be eligible for benefits?
The language in the policy determines the conditions
under which you become eligible for benefits.
Will my benefits keep pace with inflation?
Most policies offer riders to help your benefits
keep pace with inflation during a disability. A cost of living
adjustment (COLA) rider will adjust benefits each year while you remain
disabled and eligible for benefits. COLA riders can be vital to maintaining your
standard of living during an extended disability.
Small Business Protection Products
You may already have individual disability insurance
to help protect yourself and your loved ones from the unforeseen impacts of
becoming disabled. But what about protecting another that’s near and dear to
your heart? Your business. Without small business protection solutions in
place, your company could be at grave risk if you become disabled.
An integrated approach to business protection
With Business Provider, you’ll have a comprehensive
range of business protection strategies to help keep your business strong. From
overhead expense protection to long-term debt coverage to disability buy-sell
insurance, you’ll enjoy the confidence of knowing your business is secure — and
backed by one of the nation’s top provider of disability income insurance:
Seven Corners.
Coverage for overhead expenses
If you become disabled, the day-to-day expenses
associated with running your business can quickly add up. Before long, these
expenses may force you to consider layoffs or even shuttering your business.
Unless, of course, you have overhead expense disability insurance. Should
disability strike, Overhead Expense covers your normal, necessary and
customary expenses associated with the operation of your business, including
rent, mortgage, utilities and more, and can provide reimbursement for up to
100% of your expenses every month. It can make the difference between returning
to a viable business and returning to no business at all.
Business Reducing Term (BRT) disability insurance
Debt. It's often a given when you’re running your own
business. But if you become disabled, debt can become a threat to your
business’s financial health. A Business Reducing Term disability insurance
policy can help you continue to meet your business’s fixed term financial
obligations, including:
• Business start-up or practice purchase loans
Funding buy-sell agreements with disability provisions
Keeping your business running strong has to be a
priority if you or your partner becomes disabled. By creating a standing
buy-sell agreement that contemplates the potential for both death and
disability, you can help ensure that your business is successfully transferred
in the event you or your partner is unable to continue working. When you fund
this agreement with disability buy-out insurance, you'll be shifting the
financial burden associated with the buy-out from your business to the
insurance company, helping to keep your company's finances intact and improve
its chances for continuing long-term success.
Supplemental Disability Income Protection
Growing a successful business is never a solitary
affair. It takes a team of talented employees all rowing in the same direction
to move your company forward. That’s why attracting and retaining the best
possible talent is crucial for any growing business.
For your employees:
For your business:
Customizable, affordable income protection
Helps attract, retain and reward key employees
Fully portable
Any premiums you pay are tax-deductible as a
business expense
Simplified underwriting - no medical exam is
required
Turnkey implementation and employee communications
Tax-free benefits if premiums are paid with
after-tax dollars*
Flexible, affordable funding options
Flexible funding options
To ensure that protection will be there when
you need it, ProVider Plus is non-cancelable and guaranteed renewable to age 65
(or to age 67). That means we cannot change any policy provision and cannot
increase the premiums as long as you pay your premiums on time.
• Capital improvement of expansion loans
• Employment contract guarantees
• Contract performance guarantees
• Purchase agreements
• Lease agreements
Our innovative supplemental disability income
protection program provides individual disability income insurance tailored to
the needs of your business and employees. Through this program, you can offer
your employees a more valuable benefits package with greater ease and
affordably than you ever thought possible. Our program complements your
existing group long-term disability (LTD) coverage to protect more of your
employees' income in the event they become disabled.
The benefits of our Supplemental Disability Income Protection Product
You can choose to fund your program in one of
three ways:
• 100% employee-paid — your employees pay the full premium amount
• 100% employer-paid — your business pays the full premium amount for any employees you select
• Shared
cost —
you and your employees each pay a portion of
the premium cost