Covering those that make a living by teaching or playing golf. And Yes, I wish I was one of you!
Countless possible injuries or illnesses can create an inability for you to earn an income. If you make your living playing in tournaments or teaching, protecting your income is critical.
Most financial experts agree that someone needs about 65% of their current yearly income in order to survive the rehabilitation period. You may already have a disability insurance plan in force. However , you need to check your coverage.
Carriers will put caps based on a percentage of your income and they will probably put a maximum dollar benefit payout. Either of these situations could cause you financial disaster should you become disabled and not able to work in your chosen profession.
I can help in two ways:
1. Secure a Primary non-cancelable policy
2. Supplemental Plan – If you have a primary policy in force I can help secure a supplemental plan that can bring you to the 65% level of income and/or get you to a benefit amount that fits your needs.
What is the Maximum Supplemental Plan amount I could apply for?
General guidelines are up toe 3-10 times prior annual income. However, if warranted, exceptions could be made
What benefits are available on a supplemental plan?
You can get Temporary Total Disability (TTD) or Permanent Total Disability (PTD). TTD pays you , for a certain period time line, a monthly benefit amount.
PTD provides a Lump Sum benefit as a result of a accidental bodily injury or sickness causes total physical inability to participate in the sport. Additionally , if in the opinion of a competent medical authority, the player has no hope of improvement sufficient to ever recommence a carrier as a professional in their sport, a benefit will be provided. PTD is often referred to as “Career Ending”.
What about Endorsement Incomes, can they be insured?
Yes, underwriters are willing to insure endorsements incomes based on the provisions of each contract.
Is coverage on or off the course?
All coverage are 24/7 unless otherwise requested. For example if you are covered by your sponsor while playing golf thats fine, we can create a plan that will cover you only while you are not participating in an event.
Are your plans benefits Tax Free?
If you pay for your plan with after tax dollars, then the benefit should be Tax free. However, always seek advise and counseling from your CPA. I am only providing general common knowledge information in regards to Taxes.
Call me today for a confidential discussion about your needs.
My Toll Free number is 888-636-2310.