Keep your firm running if a disability keeps you out of the office – with the AIA Trust Group Business Overhead Disability Insurance Plan
The AIA Trust Group Business Overhead Disability Insurance Plan provides monthly benefits up to $10,000 to help pay your firm’s major office expenses (such as rent, salaries, equipment, etc.) while you’re disabled.
You and your ability to bring in income are the most important assets to your firm. If a disabling injury or illness leaves you unable to work, it could be financially devastating to your firm.
Most likely, your income will cease—but your firm’s bills will continue. How will you continue to pay your bills without income coming in? Will you have to dip into your savings, borrow money—or worse, close your office?
If you become disabled and have the AIA Trust Business Overhead Plan in place, your firm could continue running until you are able to return to work.
That’s because the AIA Trust Business Overhead Plan provides up to $10,000 a month to help pay your business expenses such as rent and salaries, if you suffer a covered disability.
This plan is especially important for sole practitioners and single-professional firms. In addition, if you are set up in a partnership, your portion of the ongoing expenses still continue whether or not you are working.
The AIA Trust Group Business Overhead Plan features a choice of two benefit period plans and these affordable members-only rates. Reference the ‘Rates’ tab for details.
Provides Flexible Monthly Benefit Amounts
As long as you are an AIA member, under age 60, actively-at-work at least 20 hours a week, are a U.S. resident (except for FL, IN, KY, MN, NH, NC, TN, TX, VT, WA, Puerto Rico and territories) and are not on active duty in the military, you can choose a benefit amount based on your monthly business expenses up to $10,000 (in $100 increments).
The actual benefits payable will be paid on the lesser of the actual amount of 1) actual eligible expenses incurred; 2) monthly average of eligible expenses for six months prior to disability; or 3) amount of monthly benefits in force.
Offers Choice of Benefit Periods
Based on your needs and budget, you can choose among two benefit plans:
- 30/12 Plan: Benefits begin on the 31st day of a covered disability and are payable up to the maximum benefit period of 12 months.
- 30/24 Plan: Benefits begin on the 31st day of a covered disability and are payable up to the maximum benefit period of 24 months.
Helps Pay Your Office Overhead Expenses for You
This plan will help pay all of the following office overhead expenses up to the benefit amount you select up to $10,000 a month (after your 30-day waiting period) up to the benefit period you elect:
- Rent—The monthly cost of office rent or, if you own the office space, real estate taxes and mortgage interest costs
- Employee Salaries—The employees’ monthly salaries. Salaries include payroll taxes and contributions for employee benefits.
- Business Equipment Loans and Leases—Interest payments or lease payments on equipment, if such equipment is used exclusively in the office. Principal payments on equipment loans are limited to the lesser of: the amount of your indebtedness at the time benefits become payable, divided by the number of months in the remaining term of indebtedness; or 20% of the total monthly benefit amount you selected.
- Utilities and Services—Electricity, gas, heat, telephone, telephone answering, water, laundry and janitorial services, postage and stationery.
- Maintenance—The maintenance of existing office equipment.
- Interest—Interest payments on business debts.
- Depreciation—The depreciation of office furniture and equipment.
- Insurance Premiums—Insurance premiums for tax deductible business insurance, including professional liability, malpractice and property and casualty insurance; Worker’s Compensation; and employee group benefit plans.
- Other Normal and Customary Fixed Expenses—The expense for a license related to your normal profession, subscriptions, membership dues, accountant’s services, and such other fixed expenses which are normal and customary in the conduct and operation of the office.
Note: If you are a joint occupant of an office, partner or a member of a professional corporation, eligible expenses are limited to your share of such expenses.
Includes a Business Estate Settlement Benefit
If you should die while receiving monthly benefits, a benefit will be paid for covered expenses incurred in closing your office. The maximum benefit payable is three times the monthly benefit you selected and will be paid to your estate or the corporation unless some other beneficiary has been designated.
Waives Your Premium if Disabled
After you have received benefits for six consecutive months and prior to age 60, you don’t have to pay any more premiums while you continue to be totally disabled. This will continue for your policy’s maximum benefit period. And if you die while receiving benefits, they will continue for a maximum of three months, but not more than your maximum benefit period.
Easy to Apply Today
Simply download, complete, sign and return the application. Send no money now.
30-Day FREE Look
When you receive your Certificate of Insurance, read it carefully. If you’re not completely satisfied with the terms of your new insurance plan, simply return your Certificate, without claim, within 30 days and any premium paid will be promptly refunded. No questions asked.
The premium contributions shown reflect the current rate and benefit structure. Premium contributions may be changed by New York Life Insurance Company on any premium due date and any date on which benefits are changed. However, your rates may only change if they are changed for all others in the same class of insureds under this group policy. For example, a class of insureds is a group of people all with the same issue age, Waiting Period, and Plan. Benefit option amounts are not guaranteed and are subject to change by agreement between New York Life Insurance Company and the Trustee under Trust Agreement with The A.I.A Trust.
When Coverage Begins:
Your coverage will begin on the first of the month on or following the day your application for coverage is approved by New York Life, provided you are actively-at-work full time on the date, meet required evidence of insurability requirements and the premium is paid.
When Coverage Ends:
Your coverage will end when you are no longer at full-time work, you reach age 65, you stop paying your premiums when due, you receive covered total disability benefits for the maximum benefit period, when you begin active duty in the armed forces, or the date the group policy ends.
Any of the following in which a disability occurs during, is due to or related to: Air Travel in, travel on, fall from or descent from any aircraft while such aircraft is in flight, unless the insured is traveling: (a) solely as a fare-paying passenger on a licensed, commercial, regularly scheduled, nonmilitary aircraft; or (b) in a civil aircraft having a current and valid “Standard Federal Aviation Agency Airworthiness Certificate” and piloted by a person with a current and valid pilot’s certificate with proper ratings for the type of flight and aircraft involved; Drugs—use of drugs, intoxicants, narcotics, barbiturates or hallucinogenic agents, unless such use is prescribed or administered by a doctor other than the insured, or accidental; impairment restriction; military service in the naval or air force of any country, alliance or international organization or in a civilian unit which serves such force; war, declared or undeclared, an act of war or an armed conflict that involves the armed forces of one or more countries; regular care that does not require a doctor’s regular care of, or attendance to, the insured; or for any period of disability for which the insured is not under the regular care and attendance of a doctor, except that: This requirement will not apply if such care is no longer required for prudent medical management of the injury, sickness or organ donation. For the purpose of satisfying the requirement that the insured be under the “regular care” of a doctor, doctor does not include the insured or a member of his or her immediate family; intentional self-inflicted injury or an attempt at suicide or occurs while intentionally injuring oneself; whether the insured is sane or insane; engagement in any of the following in a role other than as a victim: (a) in war, (b) an act of war, or (c) an armed conflict which involves the armed forces of one or more countries; pre-existing conditions; pregnancy, childbirth or related medical condition.
Excluded expenses include:
- Employees Salaries: The salaries of individuals hired after the insured’s total disability began. This exclusion does not apply to an employee(s) hired as a temporary replacement(s) for the insured.
- Personal Expenses: The personal expenses of the insured, including but not limited to any of the following: (a) the insured’s salary, fees, income taxes, drawing account or any other remuneration; or (b) charitable contributions.
- Professional Services: The salaries of or fees paid to other individuals in the same occupation as the insured for professional services.
- Purchases: The cost of: (a) office equipment, goods, wares or merchandise of any nature; or (b) any and every item used by the insured in his or her normal occupation.
- Repayment Of Loan Principal: The repayment of the principal on a loan and/or mortgage.
Total Disability means one that begins while insured and continuously disables you so that you are unable to perform all the substantial and material duties of any occupation. Also, you must be under a doctor’s regular care and not working at any gainful occupation for wage or profit.
Successive Periods of Disabilitywill be considered one period of disability if such disabilities are due to the same or related causes, and which are separated by less than six months of return to continuous full-time work during which you are not totally disabled or different or unrelated causes are not separated by return to full-time work.
Full-time work means the active performance for pay or profit of the regular duties of one’s normal occupation on a basis of 20 hours per week at a place where such duties are normally performed or other location to which travel is required.
Pre existing Condition means an injury or sickness or any condition related to such injury or sickness for which a person consults a doctor, receives medical services or supplies or takes any medication during the 12 month period immediately before the insured’s initial insurance date, if such injury or sickness condition is not fully disclosed when a request for insurance is made under the Policy. Preexisting Condition does not include: (a) any such injury or sickness or condition for which such person has not consulted a doctor, received medical services or supplies or taken any medication for a continuous period of 12 consecutive months after the date he or she first becomes an insured; or (b) any such injury or sickness or condition after such person has been continuously insured under the Policy for 24 months.
Important Information from New York Life Insurance Company
New York Life Insurance Company reserves the right to request medical information to determine applicant’s medical eligibility for coverage. Based on the age of the person proposed for insurance and the amount of coverage requested, a physical examination, EKG, blood test or other information may be required. Not all applicants will have to supply additional information. However, if it is required, New York Life will arrange for an independent professional paramedic to contact you to perform these simple tests at your convenience. The exam and blood test are free-of-charge.
IMPORTANT NOTICE: How New York Life Obtains Information and Underwrites Your Request for AIA Group Insurance
In this notice, references to “you” and “your” include any person proposed for insurance. Information regarding insurability will be treated as confidential. In considering whether the person(s) in your request for insurance qualify for insurance, we will rely on the medical information you provide, and on the information you AUTHORIZE us to obtain from your physician, other medical practitioners and facilities, other insurance companies to which you have applied for insurance and MIB, Inc. (“MIB”). MIB is a not-for-profit organization of insurance companies, which operates an information exchange on behalf of its members. If you apply for life or health insurance coverage or a claim for benefits is submitted to an MIB member company, medical or non-medical information may be given to MIB, and such information may then be furnished by MIB, upon request, to a member company.
Your AUTHORIZATION may be used for a period of 24 months from the date you signed the application for insurance, unless sooner revoked. The AUTHORIZATION may be revoked at any time by notifying New York Life in writing at the address provided. Your revocation will not be effective to the extent New York Life or any other person already has disclosed or collected information or taken other action in reliance on it, or to the extent that New York Life has a legal right to contest a claim under an insurance certificate or the certificate itself. The information New York Life obtains through your AUTHORIZATION may become subject to further disclosure. For example, New York Life may be required to provide it to insurance, regulatory or other government agencies. In this case, the information may no longer be protected by the rules governing your AUTHORIZATION.
MIB and other insurance companies may also furnish New York Life, its subsidiaries or the Plan Administrator with non-medical information (such as driving records, past convictions, hazardous sport or aviation activity, use of alcohol or drugs, and other applications for insurance). The information provided may include information that may predate the time frame stated on the medical questions section, if any, on this application. This information may be used during the underwriting and claims processes, where permitted by law.
New York Life may release this information to the Plan Administrator, other insurance companies to which you may apply for life and health insurance, or to which a claim for benefits may be submitted and to others whom you authorize in writing, however, this will not be done in connection with test results concerning Acquired Immune Deficiency Syndrome (AIDS) or Human Immunodeficiency Virus (HIV). We may also make a brief report of your protected health information to MIB, but we will not disclose our underwriting decision
New York Life will not disclose such information to anyone except those you authorize or where required or permitted by law. Information in our files may be seen by New York Life and Plan Administrator employees, but only on a “need to know” basis in considering your request. Upon receipt of all requested information, we will make a determination as to whether your request for insurance can be approved.
If we cannot provide the coverage you requested, we will tell you why. If you feel our information is inaccurate, you will be given a chance to correct or complete the information in our files. Upon written request to New York Life or MIB, you will be provided with non-medical information. Generally, medical information will be given either directly to the proposed insured or to a medical professional designated by the proposed insured. Your request is handled in accordance with the Federal Fair Credit Reporting Act procedures. If you question the accuracy of the information provided by MIB, you may contact MIB and seek a correction. MIB’s information office is: MIB, Inc., 50 Braintree Hill Park, Suite 400, Braintree, MA 02184-8734, telephone 866-692-6901 (TTY 866 346-3642). Information for consumers about MIB may be obtained on its website at www.mib.com.
If we can provide the coverage you requested, we will inform you as to when such coverage will be effective. Under no circumstances will coverage be effective prior to this date. Payment of a premium contribution with your application does not mean there is any insurance in force before the effective date is determined by New York Life.
For NM Residents:Protected persons1 have a right of access to certain Confidential abuse information2we maintain in our files and they may choose to receive such information directly. You have the right to register as a Protected person by sending a signed request to the Administrator at the address listed on the application. Please include your full name, date of birth and address.
1Protected person means a victim of domestic abuse: who has notified us that he/she is or has been a victim of domestic abuse; and who is an insured person or prospective insured person.
2Confidential abuse information means information about: acts of domestic abuse or abuse status; the work or home address or telephone number of a victim of domestic abuse; or the status of an applicant or insured as family member, employer or associate of a victim of domestic abuse or a person with whom an applicant or insured is known to have a direct, close, personal, family or abuse-related relationship.
New York Life Insurance Company 8.12ed
If we can provide the coverage you requested, we will inform you as to when such coverage will be effective. Under no circumstances will coverage be effective prior to this date. Payment of a premium contribution with your application does not mean that there is any insurance in force before the effective date as determined by New York Life Insurance Company.
This information is only a brief description of the principal provisions and features of the AIA Trust Group Business Overhead Disability Insurance Plan. The complete terms and conditions including features, costs, eligibility, renewability, limitations and exclusions are contained in the Certificate of Insurance issued to each insured. The AIA Trust incurs certain administrative expenses in connection with this sponsored plan. To provide and maintain this valuable AIA membership benefit, the Trust is reimbursed for these expenses.
Hagan Barron Intermediaries
P.O. Box 1889
Sioux Falls, SD. 57101
Brian Hagan of Hagan Barron Intermediaries, is licensed/authorized to transact business in all 50 United States, and the District of Columbia. Their state of domicile is South Dakota. California Insurance license number is 0H62489. Arkansas Insurance license number is 94726.
The Group Business Overhead Disability Insurance Plan is underwritten by:
New York Life Insurance Company
51 Madison Avenue, New York, NY 10010
under Policy Form GMR-ER, Group Policy G-11108-0/FACE
New York Life is licensed/authorized to transact business in all the 50 United States, the District of Columbia and Puerto Rico.
Please note that this plan is currently not available to residents of Florida , New Hampshire, Vermont, and Washington.
New York Life Insurance Company’s state of domicile is New York and their NAIC ID # is 55915.