Optometrist Disability Insurance: Choosing Set for Life
Jan 22, 2013
Jamie Fleischner

Jamie Fleischner

22 Jan, 2013

Word is spreading around the optometry community and optometrists are reaching out to Set for Life Insurance for their disability insurance needs.

Set for Life Insurance specializes in helping individuals and business owners with their disability, life and long term care insurance. Optometrists work as both practitioners and in some cases as business owners. Set for Life is equipped to help optometrists with all of these needs.

Optometrists who work for a practice or an organization may already have a group policy in place. However, it may not be sufficient for their needs. A lot of group disability policies have maximum levels of around $10,000/month and are taxable if the employer is paying the premiums. As a result, optometrists have a larger gap in their insurance than rank and file employees because of the size of their incomes. Set for Life Insurance helps them fill the gap with an individual policy. The individual policy is portable and they can carry it with them throughout their career.

Optometrists who own their own businesses choose Set for Life for their business needs as well. Business overhead insurance is common among optometrist business owners to pay monthly business expenses if they become too sick or injured to work. Typically these policies have a short elimination period such as 30 days and pay either up to 12 months or 18 months. Business overhead expense policies, known in the industry as BOE, can be paid through the business as a business expense and are tax deductible. Even though this creates taxable income at the time of claim, it is used for a business expense so it washes out.

Optometrists who are looking to purchase a practice may need to look to Set for Life Insurance to cover their business loans. Policies are available through Principal and Guardian that will cover a business loan. They are structured to pay the balance of the loan to the bank for the duration of the loan at the time of claim.

Discounts. Set for Life Insurance has the largest portfolio of available discounts in the country. Optometrists who are affiliated with a Set for Life discount may already be eligible. For those optometrists who are not affiliated with a Set for Life discount, one may be set up if 2 or 3 (depending on the company) people from the same employer apply for a policy. These discounts can be significant especially for women since the policies are unisex. Women end up saving close to 55%.

For more information about optometrist disability insurance, contact Set for Life Insurance today!

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Getting the right disability insurance can be downright confusing. At Set For Life, we’ll help you understand the options and work with you to select just the right product for you and your family. These articles will help you understand some of the complexities involved, but we’re happy to walk you through it! If you’re ready to get set, reach out for a quote today!