Office Overhead Plan Details

An illness or injury can have a devastating effect upon your ability to earn a living and serve the needs of your clients. Those monthly expenses associated with running an office continue. How will you continue to pay the rent, taxes, utilities, and salaries needed to keep the office doors open? We have the simple affordable answer!

Trust Office Overhead insurance, underwritten by Liberty Life Assurance Company of Boston, a Lincoln Financial Group company, can help you manage your expenses while you focus on recovery. If you are totally disabled from a serious illness or injury, Office Overhead insurance can help you keep your practice going by helping pay the most normal recurrent office expenses up to a maximum amount that you select. For instance, a practitioner, age 40, can select a reimbursement level of $1,500 of monthly office expenses for just $157.00 a year. Trust Office Overhead insurance is a group program with affordable rates.

Plan Highlights

  • Monthly benefits to reimburse up to $5,000 of office overhead expenses 
  • Monthly benefits payable for up to 24 months per period of disability 
  • May be maintained, regardless of age, as long as you work as a psychologist at least 20 hours per week 
  • "Your own Occupation" definition of disability 
  • Pays professional association dues 
  • Benefit Bank can increase your reimbursement if your actual overhead expenses exceed your monthly benefit

What's Covered

Things such as office rent or mortgage interest payments, employees' salaries (except immediate family members or a person you hire to fill in for you), professional association dues, office telephone bills, office utilities, janitorial services, telephone answering service charges, business liability and casualty insurance premiums (including professional liability), and many other types of regularly occurring business expenses are all considered reimbursable expenses. And if you think of anything not mentioned, just ask us and we'll let you know if it's covered! 

It's important to accurately estimate your expenses so you don't pay for more protection than you need (we can only reimburse you for actual expenses incurred that you can substantiate). Use the worksheet listing various office expenses will help you determine the correct amount of coverage for your situation.

What happens if my expenses are less than my total benefit?

Not to worry. Liberty Life will create a Benefit Bank to allow any unused portion of the benefit you purchased to be used during a month, in the same period of disability, when actual expenses exceed your benefit limit.

Why Trust Office Overhead insurance?

Trust Office Overhead insurance is designed for psychologists, by psychologists who understand the commitment it takes to have a career in the profession and the duties associated with the practice of psychology. All plans may be maintained for as long as you work as a psychologist for at least 20 hours per week on a regular basis. 

You can keep the coverage regardless of age and benefits are payable to reimburse your office expenses while you are disabled and unable to perform the duties of "your occupation." The Trustees are your ombudspersons in working with Liberty Life, making Trust Office Overhead coverage the insurance of choice among thousands of psychologists.

Plan Provisions, Exclusions and Limitations

Benefits begin at the end of 28 continuous days of total disability and continue for up to 24 months per period of disability. If unused benefits have accumulated in the Benefit Bank, they will be paid in a month in which your expenses exceed your benefit. 

Benefits will end when you are no longer totally disabled, when the maximum benefit has been paid, or when you close or sell your office. Benefits are payable only for periods of disability for which you are under the care of a fully licensed physician and you cannot perform the duties of your occupation or profession.

Successive Periods of Disability

If you become totally disabled from the same or related cause within 6 months, that disability is considered to be part of the same period of disability. In this case, the covered person will not have a new waiting period. Benefits are payable for the remaining months in the period of disability subject to the overall 24-month maximum for a disability.

If you return to work for at least 6 continuous months and become totally disabled again from the same or related cause, this is a new period of disability and the covered person must complete a new waiting period before benefits are payable.

Expenses Not Covered

  • Expenses in excess of your portion when expenses are shared with others in a professional corporation or a partnership; 
  • State or federal income taxes or payroll taxes incurred by the policyholder; 
  • All or part of the principal portion of any loan of any kind;
  • The cost of equipment or merchandise of any kind including books, periodicals, stamps, or photocopying; 
  • Interest payments which fall due before the end of the waiting period; 
  • Those which are covered under any other group or group-type insurance providing benefits for Office Overhead expenses; 
  • Salaries of your immediate family or for a person employed to perform your duties; 
  • Office Overhead expenses incurred more than 3 months after the covered person's death.

Pre-Existing Conditions

Benefits will not be paid for a disability caused by pre-existing conditions (conditions which existed prior to being insured by this insurance) for which treatment, including medications or prescriptions, was rendered or charges were incurred within six months before the effective date of insurance. However, pre-existing conditions are covered after six consecutive months (one year for mental illness or emotional maladjustment) has elapsed where no treatment has been rendered or charges incurred for the condition (this includes medication or prescriptions).

Exceptions

Benefits are not payable if a covered person becomes disabled due to:

  • War or an act of war (declared or undeclared);
  • Pregnancy that is not a complicated pregnancy;
  • Intentionally self-inflicted injuries, while sane or insane;
  • Drugs that are voluntarily taken, ingested or injected, unless as prescribed or administered by a physician; 
  • Active participation in a riot or committing or attempting to commit an indictable offense.

Waiver of Premium

Following the completion of six months of continuous disability, the premium due will be waived until the first semi-annual payment date which follows recovery or receipt of maximum benefits.

Termination of Coverage

Your insurance will terminate on the earliest of the following dates:

  • The date the master policy held by the Trustees is terminated ;
  • The date you fail to make any agreed payment of premium within the 31-day grace period;
  • The date you cease to be gainfully employed as a psychologist on a full-time (at least 20 hours per week on a regular basis, except for a continuing disability); 
  • The date you become a member of the armed services of any country.

About Insurability

Psychologists who are eligible to enroll in any of the programs of Office Overhead insurance must submit evidence of insurability when making application. The insurance will not become effective until the first day of the calendar month following the date that Liberty Life determines that such evidence is satisfactory.

General Information

Who may apply for Office Overhead insurance?

You are eligible to apply if you are a psychologist under age 60, reside in the United States, and are working at least 20 hours per week.

Premium

Semi-annual premiums are due each May 1 and November 1. In the event that you enter the plan on any date other than on the first day of a premium due date, the premium will be prorated to the next due date.

When You Have a Claim

Detailed information regarding claims procedures is issued with each new certificate. Promptly report all claims to Liberty Life's Home Office in Dover, NH.

Administrator, Trust Group Insurance Plans
Liberty Life Assurance Company of Boston
P.O. Box 1525
Dover, NH 03821-1525

Administration

This plan is underwritten and administered by Liberty Life Assurance Company of Boston, a Lincoln Financial Group company. The Trust and Liberty Life have been working together for over 55 years. A group Office Overhead policy has been issued to the Trustees of The Trust. Each participating psychologist receives a certificate outlining the benefits to which one is entitled under the policy.

The descriptions here are necessarily brief and are subject to provisions that can only be expressed exactly in the certificates of insurance.

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