DI for Hairstylist?

Discussion in 'Disability Insurance Forum' started by fjman, Oct 5, 2015.

  1. fjman
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    fjman Well-Known Member

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    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.
     
  2. djs
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    djs Super Moderator Moderator

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    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
     
  3. scagnt83
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    scagnt83 Well-Known Member

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    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.
     
  4. fjman
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    fjman Well-Known Member

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    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!
     
  5. yankee466
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    yankee466 Well-Known Member

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    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.
     
  6. TPetersen
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    TPetersen Well-Known Member

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    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.
     
  7. fjman
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    fjman Well-Known Member

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    They got flakey on me but trying to wrangle them back in...
     
  8. AboutThatLife
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    AboutThatLife Well-Known Member

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    What is BOE? I cant find anything other than Barrel of Oil Equivalent.
     
  9. TPetersen
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    TPetersen Well-Known Member

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    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.
     
  10. AboutThatLife
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    AboutThatLife Well-Known Member

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    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.
     

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