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David Gordon

Disability Insurance Question

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Question:

 I am in search of a disability policy for a self-employed beautician.  She makes $75,000 per year, 26 years old,  good health and has a letter from the owner of the salon where she rents a space stating her salary.  Her problem is that her tax person is showing her net income at about $6,000 per year for the last 2 years.  She would like to have at least $2,000 per month benefit.  Is there an option available for her with any companies?

 

Answer: 

Unfortunately, being self employed (1099) our carriers would base coverage on the client’s NET income (minus expenses) as reported on their return.  6K a year is below acceptable income. Most carriers require no less than 15K a year in net income. We only have one carrier, Illinois Mutual that may consider down to as little as 7,200 of annual income. Unfortunately based on her income at this time we don’t have a carrier that will offer coverage. Sorry I don’t have better news.

 


 

 

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