Disability for musician

thatdguy · 01-16-2008, 11:46 PM

I have a musician who is looking for disability insurance that would cover him if something happened to a hang or his voice.

Most policies are only 24 months max. He is looking for something more permanent. Seems like a tough one, especially because of the nature of his career.

Any suggestions on this? He is looking for up to $4,000/mo

Thanks!

James · 01-17-2008, 01:37 AM

Do you know what kind of arena he plays in. If he plays in night clubs and/or disco's or tours with a group he aint getting nothing. If he plays in Concert halls, Theatres or Symphonies he can likely get 5-10 years of coverage via IM, MM or Guardian. IM would likely be the cheapest but they don't have the greatest DI definitions as in Own Occupation or not as well written as with Guardian, Standard or Union. You can always try Assurity too, watch the actual wording on the definition of occupation.

somarco · 01-17-2008, 07:24 AM

Petersen International Underwriters

Mr. Bill · 01-17-2008, 01:31 PM

Quote:

Originally Posted by thatdguy

I have a musician who is looking for disability insurance that would cover him if something happened to a hang or his voice.

Most policies are only 24 months max. He is looking for something more permanent. Seems like a tough one, especially because of the nature of his career.

Any suggestions on this? He is looking for up to $4,000/mo

Thanks!

what's a "hang"? You mean "hand"? Depending on what type of music he plays, you may want to press for life insurance and make sure he understands the suicide clause.

James · 01-17-2008, 02:55 PM

Quote:

Originally Posted by somarco

Petersen International Underwriters

Never sold one of their policies, I can not seem to find the Occupation List nor a definition of disability. Both being crucial for such a case with a musician. Oh well, I'll go back to there site see what I'm missing. I see they do Musicians, so does everyone else, just not all musicians. Of course I'm sure if Kieth Richards wanted DI he could get it, even though I couldn't imagine the cost!

I'm thinking a Concert Piano Player would have an easier time at it.

arnguy · 01-17-2008, 05:16 PM

Just make sure this guy is someone who doesn't fiddle around!

somarco · 01-17-2008, 05:21 PM

PIU is a surplus lines underwriter. They can do anything most traditional carriers can't (or wont).

Newby · 01-17-2008, 09:43 PM

Quote:

Originally Posted by thatdguy

I have a musician who is looking for disability insurance that would cover him if something happened to a hang or his voice.

Most policies are only 24 months max. He is looking for something more permanent. Seems like a tough one, especially because of the nature of his career.

Any suggestions on this? He is looking for up to $4,000/mo

Thanks!

How would a musician know when he actually transitioned into the disabled lifestyle from the working lifestyle?

"Wow Dude! This is gonna be real different for me. I used to lay around stewing in my own juices till about 8:00 pm and then go hang out at the bar."

"Now with this whole disability thing I'll have to lay around till about 8:00pm and then go hang out at the bar but kind of limp a little bit."

Winter · 01-18-2008, 04:28 PM

Quote:

Originally Posted by thatdguy

I have a musician who is looking for disability insurance that would cover him if something happened to a hang or his voice.

Most policies are only 24 months max. He is looking for something more permanent. Seems like a tough one, especially because of the nature of his career.

Any suggestions on this? He is looking for up to $4,000/mo

Thanks!

Not to forget that one must actually have income in order to qualify. You cant just specify how much you want if you become disabled. Also, be damn sure that you dont get a cheesy policy even if you find one. If it is not an "own occupation" definition of disability then that is not going to work.

Winter

somarco · 01-18-2008, 04:48 PM

Surplus lines carriers have the ability to write a plan with a lump sum payout based on specific definitions or disabling conditions. They are not bound by the normal hoops traditional carriers use, which would include an own occ definition.

Winter · 01-18-2008, 06:52 PM

Quote:

Originally Posted by somarco

Surplus lines carriers have the ability to write a plan with a lump sum payout based on specific definitions or disabling conditions. They are not bound by the normal hoops traditional carriers use, which would include an own occ definition.

Right, you basically get into a Lloyds of London type of scenario where you are insuring against an event or occurence of some condition without regard to whether it consitutes a financial loss or disability even it usually does.

Winter

wammy · 08-23-2008, 01:46 PM

A lot of great information here.

arnguy · 08-23-2008, 04:24 PM

OMGH, wammy, you are resurrecting all these ancient posts with one sentence comments. Why? Are you trying to build up your post count? Please let them rest in peace.

somarco · 08-23-2008, 06:11 PM

Arnie, methinks he is trying to get to 20 posts so he can PM folks about UandIwin.

ABC · 08-27-2008, 05:21 PM

First what was the guys income that he is reporting?
So many of these guys get paid in cash or don't claim it.
If they are giving private lessons and that is a big source of their income yet they don't report it.

arnguy · 08-28-2008, 08:58 PM

Quote:

Originally Posted by somarco

Arnie, methinks he is trying to get to 20 posts so he can PM folks about UandIwin.

I think you are correct, Bob.