Business Overhead Expense Insurance
May be a cost-effective way to help protect your business in the event something happens to you.
For many medical practice owners, having business overhead expense (BOE) insurance can help ensure their business can continue to function should they become disabled under the terms of the policy and unable to work. It can help pay for overhead expenses like office rent, employee salaries, insurance premiums, utility bills, premiums for business and malpractice insurance, and accountant fees.
Plan at a Glance:
- Available to members under age 50 who work full time (at least 30 hours per week) may apply for up to $15,000 in $100 increments with a $1,000 minimum
- Ages 50-60 may apply for up to $10,000
- Available Elimination periods of 15 or 30 days.
- Available Maximum benefit period of 12 or 24 months.
- Renewable to age 70
- Premiums waived during a covered disability if you receive monthly benefits for 6 continuous months
Please review the below Options or call 1-866-978-2974
Our Business Overhead Expense and Disability Income Insurance products on consolidated on 2 forms the BOE is the same for each form the difference is if you would like to select a Disability Income product too.
Please review the chart below to see which application best suites your needs.
| Form MLP-5554 | Form MLP-5095 |
|---|---|
| BOE | BOE |
| BOE MAX $15K MONTHLY | BOE MAX $15K MONTHLY |
| 15 OR 30 DAY ELIMINATION PERIOD | 15 OR 30 DAY ELIMINATION PERIOD |
| 12 OR 24 MONTH MAX BENEFIT PERIOD | 12 OR 24 MONTH MAX BENEFIT PERIOD |
| PLAN SUMMARY | PLAN SUMMARY |
| APPLY | APPLY |
Discuss your payment options with your plan administrator.
Please contact your plan administrator at 1-866-978-2974 for information about your payment options.
Your plan administrator will bill you directly.
You can pay semi-annual, quarterly, annually by check, or make online payment
Why Business Overhead Expense Insurance?
A. New Members of APPA, depending on your age, may enroll, for a limited time, in the MetLife APPA Business Overhead Expense Insurance with no underwriting. Your acceptance is guaranteed!1
A. You have 60 days from your date of membership to enroll.
A. Members of APPA may apply for more coverage by completing our standard application that includes additional medical questions.
A. Eligible covered expenses include:
- Office rent.
- Employee salaries and insurance premiums.
- Utility bills, including electric, heat, water, gas and telephone.
- Request the plan summary for a detailed list of covered and non-covered expenses.
A. Own occupation means the essential functions you regularly perform that provide your primary source of earned income.
A. You may choose several elimination periods before benefit begins.
A. It may be less expensive than you think. MetLife and your APPA have designed this business overhead expense insurance plan to be an affordable way for you to help protect your business. You’ll enjoy competitive rates, with a wide range of coverage amounts to choose from.
A. The following additional plan benefits are available:
Lump sum survivor benefit: In the event a disabled person dies while on Disability, the survivor kin would receive 3 times the monthly benefit amount in one lump sum.
Waiver of Premium: Premiums waived while benefits are being paid.
Termination of Business Interest: May provide a pro-rated premium refund if you no longer incur any monthly expenses.
*Definition of disabled changes to any occupation after 60 months.
1Use for Guaranteed Issue: You must be performing your normal activities at work for coverage to become effective. Benefits may be not be payable for a disability that results from a pre-existing condition. Use for One-Step Express/Simplified Issue: If answers to medical questions are unfavorable, then full underwriting may be required and coverage is subject to approval of insurer.
Coverage may not be available in all states. Please contact the your plan administrator at 1-866-978-2974 for more information.
Like most insurance policies, insurance policies offered by MetLife and its affiliates contain certain exclusions, exceptions, reductions, limitations, waiting periods and terms for keeping them in force. Read More
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