Overhead Expense Insurance
Overhead Expense insurance reimburses a business 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 salaries, utilities, phone bills and lease payments.
The policy is non-cancelable and guaranteed renewable to the insured’s age 65 policy anniversary or for five years from policy date, whichever is later.
In states where the HH789 product is not approved, the HH702 product is available (excluding California). View state approvals.
- 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: All (A to 5A/5A-M)
- Elimination Periods: 30, 60 or 90 days
- Benefit factors: 12, 151, 18, 24 or 301 times
- Maximum number of owners: Eight for fee-for-service businesses, four for other types of businesses
- Benefit maximum: Up to $50,000 per month (additional guidelines apply)
- Riders: Automatic Increase Option, Benefit Update, Business Loan Protection (based on state approval (DI2307) (PDF)), Residual Disability Benefit
- Discounts: 10% Select Occupation, 20% Multi-Life2, 10% Association (based on state approval)
See additional underwriting guidelines. (JJ1213OE) (PDF)
1 Only available on HH789 policy.
2 Available when three or more employees with a common employer purchase Individual Disability Insurance from the same producer. Not available in Ohio on business products.
Key materials listed below. Additional materials are available.
Overhead Expense policy highlights (Customizable) (JJ1639C)
Outlines how the policy pays its key benefits and riders.
Overhead Expense - Worksheet (JJ1060)
Non-customizable version of Overhead Expense flier.