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GUARDIAN BUSINESS/PROFESSIONAL
OVERHEAD EXPENSE (Form 4100) |
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Issued by Berkshire Life Insurance Company of America
(a wholly owned subsidiary of Guardian Life Insurance Company of America)
THE DUAL EXPENSES OF DISABILITY
As a successful professional you know that if you became sick or injured and can't work, you may very well be forced to close down your business. The resulting strain on both your personal and business finances could be devastating. After all, your income is divided between two budgets!
When sickness or injury strikes, a personal disability income protection plan can help provide you and your family with the necessities of day to day living. But your overhead expenses would continue to mount up. How could you afford to keep your business running?
Guardian's Professional Overhead Expense policy will help ensure that a disability will neither force you to lower your standard of living nor force you to close your office.
A TAX ADVANTAGE, TOO...
The Internal Revenue Service has ruled (Rev.Rul.55-264, 1955-2 CB 11) that premiums paid for an overhead expense disability policy are tax deductible as a business expense.
While benefits received at claim time would be treated as income, such income is used to pay the deductible expenses that the Professional Overhead Expense policy covers.
| Non-Cancellable |
This means you may renew your policy at the end of each term until you are 65. The policy is conditionally renewable for life, after age 65, as long as you are at work full time. There is no age limit. |
| Total Disability Benefit Definition of Total Disability |
Total disability means you are unable to perform the material and substantial duties of your occupation, and you require the regular attendance of a physician; such disability must be the result of an injury or sickness. Your occupation means the occupation in which you are engaged immediately preceding the onset of disability. |
| Definition of Residual Disability |
Residual disability means that due to injury or sickness you are suffering a loss of gross monthly revenue that is at least 20% of your prior gross monthly revenue, and you require the regular attendance of a physician, and you are unable either (1) to do one or more of your important daily business or professional duties, or (2) to perform your duties for the length of time that they usually require. |
| Future Increase Option |
Every policy anniversary is an option date. Until you are age 55, you may buy all or part of the yearly option amount on any option date. |
| Covered Expenses |
Covered expenses include, but are not limited to: rent or lease Payments, property taxes, depreciation on furniture and equipment, employees salaries, utilities, premiums for business insurance, postage, trade dues & subscriptions. |
| Not Covered Expenses |
The costs of goods, merchandise, or inventory. Any expense that would be waived upon your disability. Lab fees for medical practices. Salaries & wages for the business owner. |
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