REAGIT Group Insurance Program

Professional Overhead Expense

Would you be able to cover your business expenses if you were to become disabled? Personal disability may not be enough to cover the expenses for you and your family as well as your business. Consider REAGIT Group Professional Overhead Expense Insurance to help protect your personal savings from the devastating financial consequences a disability can bring.

With a REAGIT Group Professional Overhead Expense plan for Appraisal Institute Professionals, you’ll have access to the following benefits if you become disabled, so you can keep your business open:

  • Up to $10,000 per month for up to 24 months of a covered disability
  • Up to 100% of your monthly office overhead expenses
  • Your choice of monthly benefit from $500 to $10,000
  • Waiting period of only 30 days
  • Affordable rates through group purchasing power of the Appraisal Institute

Benefits Could Be Used For

  • Rent
  • Mortgage payments on business premises (principal and interest)
  • Employee salaries*
  • Principal and interest on existing business loans
  • Monthly average of taxes on premises
  • Maintenance of existing business equipment
  • Leasing costs for existing furniture and equipment
  • Principal and interest for existing equipment
  • Insurance premiums (pro-rated monthly)

*If a non-appraiser employee of the corporation is also a stockholder, the salary to the employee for duties regularly performed is an eligible expense as long as the salary is commensurate with those duties. If you are incorporated, a partner, or a joint tenant, overhead expenses included only your share of them. For complete details on eligible expenses and those that are not included, contact Plan Administrator.

Benefit Amounts

You can apply for monthly benefits from $500 to $10,000 (in $100 increments). However, the benefit amount you receive will not exceed the lesser of 1) actual monthly eligible expenses incurred; 2) monthly average of eligible expenses for six months prior to disability; and 3) amount of monthly benefits in force on the date disability begins.

The amount selected together with any other overhead expense insurance that you may have cannot exceed 100% of the monthly average of eligible expenses that you incurred for the six months prior to requesting coverage.

Please refer to plan brochure for complete details. Available to residents of the United States (excluding VT and U.S. Territories) and Canada (excluding Quebec). Certain state eligibility restrictions apply.

New York Life Insurance Company

New York Life Insurance Company (New York Life) is a leader in the association group insurance field, providing life and health insurance plans for membership associations. The company has an enduring commitment to its customers' financial security. Regardless of the state of the economy or the stock market, New York Life bases its financial decisions on the guiding principle of serving its clients. The company has consistently received among the highest ratings from the leading independent ratings services: A.M. Best, Fitch Ratings, Standard & Poor's, and Moody's Investors Service for financial strength.

New York Life is licensed/authorized to transact business in all of the 50 United States, the District of Columbia, Puerto Rico, and Canada. However, not all group plans it underwrites are available in all jurisdictions. Please check the Plan details sections for current availability.

Address
New York Life
State of Domicile:  New York
NAIC ID #66915
51 Madison Avenue
New York, NY 10010 USA