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What is Overhead Expense Disability Insurance? (Part 1)

Dean A. Schachter

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Business owners who become disabled need an Overhead policy to pay the expenses to keeping their business running while they are out of work.

What is covered?
-Rent
-Interest payments on some business debts
-Utilities
-Employees' salaries including a replacement for the insured
-Payroll taxes
-Postage
-Stationery
-Equipment maintenance
-Rental, lease, or depreciation of office equipment
-Taxes on the business property location
-Insurance premiums for Workers' Compensation, employee medical, and liability Accounting fees
-Professional memberships and subscriptions

Contact us for more information at 866-762-9922.

Dean Schachter, Owner of New England Disability and Life

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How Much is Your Income Worth?

Dean A. Schachter

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You insure your house and cars. Are you insuring your income?

You know how much your house is worth. Same for your cars. And you can look up the value of your retirement and non-retirement accounts. But do you know what your lifetime income is worth?

Here is how to calculate how much your income is worth:

Multiply your current income times the number of years to age 65 or 70. Someone who is 35 and earns $50,000 per year will lose $1.5 Million by age 65. And that does not take inflation into account or salary increases.

Does this justify the purchase of a disability policy?

It should. And if you have doubts ask yourself, “Where will I get that kind of money to replace my income?” Feel like borrowing from friends and relatives? Without a disability policy you might have to!

Check with us at New England Disability and Life for a quote and stop worrying!

Dean Schachter, Owner
New England Disability and Life
866-762-9922
Protecting Family Income and Assets Since 1981

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Are you Self-Insuring your Income?

Dean A. Schachter

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Most people think they can beat the odds, also knows as “Self-Insuring.” In the event of a disability, where will those people get the money to pay their bills and how long will that last?

So what resources will you draw from (deplete) to pay your bills if you don't have a disability insurance policy?

- Savings

- Pension plans and IRAs

- Loans from friends and/or relatives

- Personal Assets

And if you did draw from these sources how will that affect your family and their future? Retirement, college savings, etc. could be wiped out                              

You insure your home, your auto, your life but NOT your income? What if you suffer one of these disabilities and can NEVER go back to work? Ever!

Get a quote for a disability policy and avoid financial ruin.

Dean Schachter, CLU, ChFC Owner of New England Disability and Life                                                                                                                             

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What is a Disability Policy and What Does it Cover?

Dean A. Schachter

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What is a Disability Policy?

 It is a policy that replaces your income when you can't work due to an accident or illness.

 What Does a Disability Policy Cover?

While recuperating from an accident or illness your bills will continue to arrive and must be paid. So when deciding if you need a policy, review the bills that must still be paid when you can't work:

Personal Expenses:

- Mortgage or Rent
- Utilities - Phone, Electric, water, cell phone, internet, cable TV, heat
- Taxes
- Food
- Clothing
- Credit Card Bills
- Insurance premiums for home, auto, life and medical
- Loans: Car, personal, etc.

Business Expenses:

- Office rent
- Utilities
- Payroll
- Business Loans

 Other Fees & Expenses:

Child Support

College tuition and fees for children

A Disability Policy will provide you with income when you have none

If your employer doesn't provide coverage and if you don't have a disability policy of your own, then you should buy a policy while you are in good health.

At New England Disability and Life we represent all the major disability companies.

As independent agents we search for the best policy at the lowest price.

Posted by:

Dean Schachter

New England Disability and Life

Protecting Family Income since 1981

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Disability Facts and Types of Claims

Dean A. Schachter

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People never consider the chances of becoming disabled but 1 in 4 people will become disabled for at least 3 months before reaching age 65.

The average disability lasts about 36 months.

More home foreclosures are due to a disability (50%) vs. a death (2%), since most people have a life policy.

What are the Major Types of Disability Claims?
According to claims records at the major companies, these are the types of claims filed:

Back & Neck                       28.5%
Neurological                       13.7%
Cardiovascular                    13.1%
Cancer/Tumor                      8.4%
Accidents & Poisoning          7.2%
Psychiatric & Emotional        7.2%
Respiratory                           3.0%
Infection                                2.7%
Digestive System                  2.4%
Complications of Pregnancy 1.4%
All others                              12.4%

                                 Total    100%

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