Disability Insurance for Accountants
Tax season is now over and accountants are contacting Set for Life Insurance for their individual and disability insurance needs.
Individual disability insurance policies for accountants can vary greatly from company to company for a variety of reasons:
Some companies differentiate between CPAs and accountants. In those cases, CPAs are offered an even higher occupational class, thus reducing the premium. Other companies will differentiate between accountants, CPAs and bookkeepers. It is important for you to disclose to your broker your background and training.
If you run your own practice and are interested in disability insurance for more than one person, consider setting up a group discount. Some companies require 2 or more people to apply whereas some require 3. If you work in a larger firm, some insurance companies will allow you to set up a multilife program where the company can issue policies with no medical underwriting. This typically requires 10 or more people to apply.
If you are an accountant and a business owner and need to cover your business expenses, consider purchasing a business overhead expense policy to cover those needs. Typically they have a 30 day waiting period and will cover for approximately 12-18 months.
Before you purchase your disability insurance policy, it is important that you work with an independent broker who can shop around and compare all of the available options so you can choose the most suitable policy for your situation.
For more information about disability insurance for accountants, CPAs and bookkeepers, contact Set for Life Insurance today!