DI for Hairstylist?

fjman

Super Genius
100+ Post Club
The good ones make good money! What carriers do you recommend?

I don't do much DI but was talking to a stylist the other day that's interested. She makes about $120k.
 
Ask how much she makes on her tax returns. I bet you find a big gap!
The $120K (assuming she is just a stylist and not a shop owner) is before her expenses. Any decent stylist is a business inside of a business, not an employee.

I don't know about carriers, but I do know you'll need to have the 'tax return' conversation earlier rather than later.

Dan
 
The good ones make good money! What carriers do you recommend?

I don't do much DI but was talking to a stylist the other day that's interested. She makes about $120k.

Mutual of Omaha and Assurity will cover it.

----------

Ask how much she makes on her tax returns. I bet you find a big gap!
The $120K (assuming she is just a stylist and not a shop owner) is before her expenses. Any decent stylist is a business inside of a business, not an employee.

I don't know about carriers, but I do know you'll need to have the 'tax return' conversation earlier rather than later.

Dan

That is true. But they can fill the gap with BOE since they are likely a 1099 worker. The BOE will only last for 2 years but it will help. At the end of they day she only needs what she is living on, not what she is spending on business expenses.
 
I'm expecting some discrepancies in the earning department but given the place she works I'd imagine almost everything goes through a credit card. I wrote some assurity a while ago but never MoO. I'll have to look into it!
 
The good ones make good money! What carriers do you recommend?

I don't do much DI but was talking to a stylist the other day that's interested. She makes about $120k.

High risk occupation.....lots of AIDS, carpal tunnel, sharp instruments, chemicals, etc. Unless maybe a biz owner upgrade, Class 1 or 2 and likely limited benefits.

Assurity or Illinois Mutual for options.
 
Sorry for coming in late, if you are still not finding a carrier (several were mentioned), check with your local disability brokerage outlet. I know there are sources for this, including Petersen International.
 
Mutual of Omaha and Assurity will cover it.

----------



That is true. But they can fill the gap with BOE since they are likely a 1099 worker. The BOE will only last for 2 years but it will help. At the end of they day she only needs what she is living on, not what she is spending on business expenses.

What is BOE? I cant find anything other than Barrel of Oil Equivalent.
 
BOE - Business Overhead Expense. This is coverage for business owners that if they become disabled, their overhead costs that continue will be covered. These expenses include: Rent/Lease/Mortgage, Utilities, staff salary, insurance, etc.
 
BOE - Business Overhead Expense. This is coverage for business owners that if they become disabled, their overhead costs that continue will be covered. These expenses include: Rent/Lease/Mortgage, Utilities, staff salary, insurance, etc.

Hmm, so BOE is offered by the government? I spoke with a business owner the other day and they said if they get disabled the government will still pay them.

So i guess, if you are a C or S-corp and you get disabled, the government will still pay you your salary because you are an employee of your company.
 
Back
Top