I need a disability policy for myself. I am 39 (40 in august) and I am not worried about a 90 day or longer elimination period. 6'1" 230, no health issues. Family history of cancer, not sure if it matters. I would appreciate some prices and guidance from anyone able to write in Utah. I can easily survive on $3k per month for as long as needed.
Disability Policy for Insurance Agent
- Thread starter JimmyUt
- Start date
- Thread starter
- #3
Full time 6 years
Waiting on my taxes for 2012, last year no, because I write off everything. Will they use the S-Corp income since I am the entity, or just my personal income. If it is just based on my income it will be closer to $40k
work at home/field
No designations
mickey2
Expert
- 26
Looks like your in good hands. If your interested I can also provide competitive quotes based on the information you provided. But I don't want to step on anyone's toes.
- 4,132
Jimmy? Write yourself. Look at guardian.
Remember the definition is everything and any thing beyond that first sentence defining disability is not in your favor.
Also look at overhead expense. Shorter duration policies, but much cheaper to have, quicker to pay at a lower premium.
But honestly, write yourself.
Remember the definition is everything and any thing beyond that first sentence defining disability is not in your favor.
Also look at overhead expense. Shorter duration policies, but much cheaper to have, quicker to pay at a lower premium.
But honestly, write yourself.
- Thread starter
- #6
Thanks for the input. I just want to make sure I am covered if I lay my bike down and get hurt so bad I can't even get out of bed to sell final expense. As for writing myself, I had an issue with the Utah DOI so they put me on probation for a "marketing violation" (using delivery notices) I have found this to hinder my efforts in getting new appts. I had a Guardian contract but have never written anything, I wonder if it is still active?
mickey2
Expert
- 26
In my humble opinion I feel that the Protector Platinum offered by The Standard has the best definitions. I also agree that you should write yourself.
An S-corp is just a pass-through entity, a C-corp would be different. If you had a C-corp it would be based on the W2 income that the C-corp was paying you.
$40k income will qualify you for about $2300/mo and you could add a catastrophic rider on top of that to get the total over $3k/mo in the event of a catastrophic disability.
How many hours do you work from home versus out in the field? Guardian is a great company and that's who I have my personal DI with, but if you are working more than 50% of the time at home they won't let you have the residual disability rider, which is extremely important.
I can write the case, but as others have mentioned you could write it yourself and get the comp too.
- Thread starter
- #9
I will check and see if my agent # is still active with them, otherwise I will be in touch. I can't imagine for 2 to 3k in coverage the commission is going to be so great that I can't live without it. I would almost rather have someone who knows the products inside and out write it as I don't really see myself selling much D.I. To answer your other question, most of my work is field work as it is final expense and medicare advantage.
Depending on the benefit period, elimination period, and which optional riders you choose you're looking at a premium of somewhere between ~$800-2200 annually, comp is 50-60%. I ran a quote and it looks like you could get up to $2750/mo with Guardian's Business Owner Advantage program based on a $40k income. You can call me at 703 753 three three seven six if you want some help with the case.
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