Disability for musician

Jan 16, 2008

  1. thatdguy
    Offline

    thatdguy Expert

    Posts:
    35
    Likes Received:
    0
    I have a musician who is looking for disability insurance that would cover him if something happened to a hang or his voice.

    most policies are only 24 months max. He is looking for something more permanent. Seems like a tough one, especially because of the nature of his career.

    any suggestions on this? He is looking for up to $4,000/mo

    thanks!
     
    thatdguy, Jan 16, 2008
    #1
  2. James
    Offline

    James Guru

    Posts:
    2,152
    Likes Received:
    0
    Do you know what kind of arena he plays in. If he plays in night clubs and/or disco's or tours with a group he aint getting nothing. If he plays in Concert halls, Theatres or Symphonies he can likely get 5-10 years of coverage via IM, MM or Guardian. IM would likely be the cheapest but they don't have the greatest DI definitions as in Own Occupation or not as well written as with Guardian, Standard or Union. You can always try Assurity too, watch the actual wording on the definition of occupation.
     
    James, Jan 17, 2008
    #2
  3. somarco
    Offline

    somarco That Medicare Expert Guy

    Posts:
    29,031
    Likes Received:
    2,632
    State:
    Georgia
  4. Mr. Bill
    Offline

    Mr. Bill Guru

    Posts:
    2,045
    Likes Received:
    10
    what's a "hang"? You mean "hand"? Depending on what type of music he plays, you may want to press for life insurance and make sure he understands the suicide clause.
     
    Mr. Bill, Jan 17, 2008
    #4
  5. James
    Offline

    James Guru

    Posts:
    2,152
    Likes Received:
    0
    Never sold one of their policies, I can not seem to find the Occupation List nor a definition of disability. Both being crucial for such a case with a musician. Oh well, I'll go back to there site see what I'm missing. I see they do Musicians, so does everyone else, just not all musicians. Of course I'm sure if Kieth Richards wanted DI he could get it, even though I couldn't imagine the cost!:D I'm thinking a Concert Piano Player would have an easier time at it.
     
    James, Jan 17, 2008
    #5
  6. arnguy
    Offline

    arnguy Guru

    Posts:
    7,786
    Likes Received:
    15
    State:
    Pennsylvania
    Just make sure this guy is someone who doesn't fiddle around!:D:D:D:D
     
    arnguy, Jan 17, 2008
    #6
  7. somarco
    Offline

    somarco That Medicare Expert Guy

    Posts:
    29,031
    Likes Received:
    2,632
    State:
    Georgia
    PIU is a surplus lines underwriter. They can do anything most traditional carriers can't (or wont).
     
    somarco, Jan 17, 2008
    #7
  8. Newby
    Offline

    Newby Guru

    Posts:
    14,125
    Likes Received:
    1,004
    State:
    Indiana
    How would a musician know when he actually transitioned into the disabled lifestyle from the working lifestyle?

    "Wow Dude! This is gonna be real different for me. I used to lay around stewing in my own juices till about 8:00 pm and then go hang out at the bar."

    "Now with this whole disability thing I'll have to lay around till about 8:00pm and then go hang out at the bar but kind of limp a little bit."
     
    Newby, Jan 17, 2008
    #8
  9. Winter_123
    Offline

    Winter_123 Guru

    Posts:
    2,908
    Likes Received:
    15
    Not to forget that one must actually have income in order to qualify. You cant just specify how much you want if you become disabled. Also, be damn sure that you dont get a cheesy policy even if you find one. If it is not an "own occupation" definition of disability then that is not going to work.

    Winter
     
  10. somarco
    Offline

    somarco That Medicare Expert Guy

    Posts:
    29,031
    Likes Received:
    2,632
    State:
    Georgia
    Surplus lines carriers have the ability to write a plan with a lump sum payout based on specific definitions or disabling conditions. They are not bound by the normal hoops traditional carriers use, which would include an own occ definition.
     
    somarco, Jan 18, 2008
    #10
Loading...