The Business Owner Upgrade feature for Individual Disability Insurance from some of our core carriers provides an opportunity for business owner clients to increase their occupation class by up to two levels.
Designed to classify business owner clients in a fair, precise and progressive manner.
Business owners who meet the following requirements are eligible:
- At least 20% ownership interest, and
- Responsibilities include sales, administration and/or management, with no more than 50% physical or manual duties.
Note: Business owners with less than 20% ownership interest or with more than 50% physical or manual duties should be classified according to the general occupation schedule.
Three variables are used to determine if a business owner is eligible for the Enhancer:
- Years owning current business
- Annual earned income
Follow these steps to determine which class your business owner clients qualify for:
- Business Owners that have owned the business for over two years and have an income of $60,000 to $100,000 qualify for +1 occupation upgrade
- Business owners that have owned the business for over 2 years and annual reported income over $100,000 qualify for +2 occupation upgrade
CPS has no proprietary products – we will seek out the best for your client profile. Contact your Disability Income Specialist to determine the best fit for your client.