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What is Business Loan Disability?

Provides reimbursement for a monthly business-related loan obligation in the event of the insured’s total disability. Items commonly covered, include:

• Purchase of a practice or existing business.
• Purchase of expensive equipment.
• Expansion of the business or practice.
• Facility renovations and improvements.
• Purchase of a building used solely for the business.

 

Target Markets

• Dentist, Veterinarian, CPA or Physician purchasing an existing practice.

 

What types of loans are not covered?

• Investment
• Line of credit
• Credit card
• Revolving line of credit
• Interest only
• Family loan

 

How much Business Loan Disability can be purchased?

Most insurance companies will cover loans up to $2,000,000. Higher amounts are available from a specialty carrier.

What is an elimination period?

The elimination period is the period that must pass before benefits are payable. This feature is like a deductible on your home or car. Typical elimination periods include 30, 60, 90 , 180 and 365 days. The shorter the elimination period, the more costly the plan.

What is a benefit period?

The benefit period is how long benefits are payable while you are on claim. The policy termination date is based on the end of the financial obligation with a minimum of three years, up to a 30-year maximum.

What is the definition of total disability?

Most policies will consider you to be disabled if you cannot perform the substantial and material duties of your occupation, and you are not working.

What is a residual disability?

Residual disability benefits are not available.