Overhead Expense Insurance
Overhead Expense (OE) insurance reimburses an owner for business expenses incurred during an owner's disability. Covered expenses are those that are deductible for federal income tax purposes, such as replacement salary, utilities, phone bills and lease payments.
The policy is non-cancelable and guaranteed renewable to age 65. It is conditionally renewable for life.
- Small- to medium-size businesses with up to eight owners
- Occupation classes 3A/3A-M and above
- Owners whose personal service is key to the continued earning of business income
- Issue ages: 18 to 60
- Occupation classes: 2A - 5A/5A-M
- Elimination Periods: 30, 60 or 90 days
- Benefit factors: 12, 18, or 24 times
- Maximum number of owners: Eight for fee-for-service businesses (HH670 policy), Four for other types of businesses (HH678 policy)
- Benefit maximum: Up to $50,000 per month (additional guidelines apply)
- Riders: Automatic Benefit Increase, Benefit Update, Return-to-Work (HH670 policy, 4A and 5A occupation classes only)
- Discounts: 10% Select Occupation and up to 20% Employer/Multi-Life Discount1
1 Available when three or more employees with a common employer purchase Individual Disability Insurance from the same producer.