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Reply to DI for Hairstylist?     
Old 10-05-2015, 06:20 PM   #1
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fjman on DI for Hairstylist?
 
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DI for Hairstylist? DI for Hairstylist?
The good ones make good money! What carriers do you recommend?

I don't do much DI but was talking to a stylist the other day that's interested. She makes about $120k.

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Old 10-05-2015, 07:58 PM   #2
djs
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DI for Hairstylist? Re: DI for Hairstylist?
Ask how much she makes on her tax returns. I bet you find a big gap!
The $120K (assuming she is just a stylist and not a shop owner) is before her expenses. Any decent stylist is a business inside of a business, not an employee.

I don't know about carriers, but I do know you'll need to have the 'tax return' conversation earlier rather than later.

Dan
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Old 10-05-2015, 08:56 PM   #3
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DI for Hairstylist? Re: DI for Hairstylist?
Originally Posted by fjman View Post
The good ones make good money! What carriers do you recommend?

I don't do much DI but was talking to a stylist the other day that's interested. She makes about $120k.
Mutual of Omaha and Assurity will cover it.

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Originally Posted by djs View Post
Ask how much she makes on her tax returns. I bet you find a big gap!
The $120K (assuming she is just a stylist and not a shop owner) is before her expenses. Any decent stylist is a business inside of a business, not an employee.

I don't know about carriers, but I do know you'll need to have the 'tax return' conversation earlier rather than later.

Dan
That is true. But they can fill the gap with BOE since they are likely a 1099 worker. The BOE will only last for 2 years but it will help. At the end of they day she only needs what she is living on, not what she is spending on business expenses.
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Old 10-05-2015, 10:16 PM   #4
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fjman on DI for Hairstylist?
 
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DI for Hairstylist? fjman is the thread starter for: DI for Hairstylist?

I'm expecting some discrepancies in the earning department but given the place she works I'd imagine almost everything goes through a credit card. I wrote some assurity a while ago but never MoO. I'll have to look into it!

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  Reply With Quote to DI for Hairstylist?
Old 10-18-2015, 04:26 PM   #5
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DI for Hairstylist? Re: DI for Hairstylist?
Originally Posted by fjman View Post
The good ones make good money! What carriers do you recommend?

I don't do much DI but was talking to a stylist the other day that's interested. She makes about $120k.
High risk occupation.....lots of AIDS, carpal tunnel, sharp instruments, chemicals, etc. Unless maybe a biz owner upgrade, Class 1 or 2 and likely limited benefits.

Assurity or Illinois Mutual for options.

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Old 10-29-2015, 10:07 AM   #6
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TPetersen on DI for Hairstylist?
 
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DI for Hairstylist? Re: DI for Hairstylist?
Sorry for coming in late, if you are still not finding a carrier (several were mentioned), check with your local disability brokerage outlet. I know there are sources for this, including Petersen International.

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Thomas Petersen
Petersen International
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Old 11-01-2015, 09:37 AM   #7
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fjman on DI for Hairstylist?
 
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DI for Hairstylist? fjman is the thread starter for: DI for Hairstylist?

They got flakey on me but trying to wrangle them back in...

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Old 03-01-2016, 12:07 PM   #8
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DI for Hairstylist? Re: DI for Hairstylist?
Originally Posted by scagnt83 View Post
Mutual of Omaha and Assurity will cover it.

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That is true. But they can fill the gap with BOE since they are likely a 1099 worker. The BOE will only last for 2 years but it will help. At the end of they day she only needs what she is living on, not what she is spending on business expenses.
What is BOE? I cant find anything other than Barrel of Oil Equivalent.
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Old 03-01-2016, 12:14 PM   #9
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TPetersen on DI for Hairstylist?
 
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DI for Hairstylist? Re: DI for Hairstylist?
BOE - Business Overhead Expense. This is coverage for business owners that if they become disabled, their overhead costs that continue will be covered. These expenses include: Rent/Lease/Mortgage, Utilities, staff salary, insurance, etc.

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Thomas Petersen
Petersen International
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Old 03-01-2016, 01:06 PM   #10
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DI for Hairstylist? Re: DI for Hairstylist?
Originally Posted by TPetersen View Post
BOE - Business Overhead Expense. This is coverage for business owners that if they become disabled, their overhead costs that continue will be covered. These expenses include: Rent/Lease/Mortgage, Utilities, staff salary, insurance, etc.
Hmm, so BOE is offered by the government? I spoke with a business owner the other day and they said if they get disabled the government will still pay them.

So i guess, if you are a C or S-corp and you get disabled, the government will still pay you your salary because you are an employee of your company.
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