Underwritten by New York Life Insurance Company
Highlights of this plan include:
Pays covered overhead expenses for up to 24 months
Lets you choose the monthly benefit that best suits your needs
Premiums are waived after six months of total disability
Premiums may be tax-deductible(consult your tax advisor)
Also available if you’re in private practice or in a partnership
Who Is Eligible?
Physicians or dentists under age 60, actively practicing at least 30 hours per week. All applications are subject to company acceptance.
Customize a plan to meet your needs
Choose the Overhead Expense Insurance coverage amount you need from a minimum of $1,000 per month to a maximum of $15,000 for eligible members under age 55, and a maximum of $10,000 for eligible members age 55-59. Benefits are payable for up to 24 months.
Business equipment lease and maintenance expenses, interest on existing business loans, insurance premiums, mortgage payments on the business premises, rent, salaries, business related taxes, utilities and services, and other normal and customary fixed expenses.
Medical exam not typically required
Issuance of a Certificate of Insurance or payment of benefits may depend upon the answers given during the application process and the truthfulness of those answers. Depending upon the amount of coverage applied for, it may be necessary for you to have a paramedical exam, which can be conducted at your convenience and at no expense to you.
Continuation of Benefits
If you die while totally disabled and were receiving monthly benefits, we will continue the monthly benefit payments to your estate as follows: If you have been continuously disabled and receiving benefits for at least one month but less than 12 months, we will make one additional monthly benefit payment to your estate. If you have been continuously disabled and receiving benefits for 12 months or more, we will make three additional monthly benefit payments to your estate. The benefit continuation will not exceed the maximum benefit period. Benefits end when: you fail to give required proof of continuing total disability, your total disability ends, the maximum benefit period ends, or you die.
Waiver of premium
If you become totally disabled before age 60 and received disability benefit payments for six consecutive month, premiums will be waived for as long as you remain totally disabled.
Renewal Guaranteed: Renewal of your Office Overhead Expense Insurance is guaranteed to age 70, as long as you remain actively working full time in your profession and you pay your premiums on time.
You may pay your premiums either annually or semi-annually. Annual premiums are twice the semi-annual premium amount. Coverage is applicable when the insurance becomes effective and is adjusted when you read a new age bracket.
Premiums may be tax-deductible
This plan conforms with the Internal Revenue Service ruling (55-264, I. R. B. 1955-19, P.8), allowing Office Overhead Expense Insurance to be deducted as a business expense in computing federal income tax. Benefits, however, are generally taxable. Consult your personal tax advisor for specific details.
Current 2019 Rates:
*Intermediate amounts available in increments of $1,000, up to a maximum $15,000. If you have coverage with the company through another association or society on an individual basis, the total monthly benefits of all plans in force and applied for shall not exceed $15,000. For costs of monthly benefit amounts not shown, please call the plan administrator at 800-569-6535.**For renewal only. Coverage ends upon attainment of age 70. Premium contributions may be changed by New York Life on any premium due date, but never more than once in any 365 day period. However, your rates may change only if they are changed for all other in the same class of insureds under this policy. For example, a class is a group of people with the same issue age group.
Your Office Overhead Expense Insurance will not cover any of the following: Depreciation, Inventory, Personal Expenses, Professional Services, Purchases of office equipment, goods, wares , or merchandise; Repayment of Business Loan Principal, Salaries of individuals hired after the total disability begins whether temporary or permanent. Your Office Overhead Expense Insurance will not cover disabilities resulting from war, any act of war or military service, intentionally self-inflicted injury; test or experimental flying, operating or traveling in or flying any aircraft operated by or under the direction of the military; pregnancy; except for complications of pregnancy; committing a crime or an attempt to do so. In addition, no benefits shall be payable for more than one disability at any one time.
Applying is Easy!
Simply click the “Apply Here” link at the bottom of this page to apply in a matter of minutes. You may also download an application and return the completed form to the address provided below or if you prefer, scan and email it to the address noted below. You will not be asked any medical questions and will be able to selct the best time that works with your schedule for a medical underwriting professional to contact you for medical history. Send no money now. Your insurance will take effect upon the date of approval by The New York Life Insurance company provided the requested premium is paid when due.
30- Day Free Look
When you receive your Certificate of Insurance, examine it carefully. If you are not completely satisfied with your Level Term Disability Insurance Coverage, simply return your certificate, without claim, within 30 days with your request for a full refund of any premium paid.
No questions will be asked and there will be no further obligation.
This website provides a general description of the insurance plan offered and is not a contract. Complete terms, conditions, definitions, exclusions, limitations, and renewability requirements are detailed in Group Policy G-29481-0 issued to the Insurance Trust of the Professions. When you become insured, you will be sent a Certificate of Insurance summarizing your benefits under the plan.
PO BOX 1889
Sioux Falls, SD 57101
New York Life Insurance Company
51 Madison Avenue, New York, NY 10010
On Policy Form G-29481-0/GMR-FACE Code 19395