Financial Underwriting
When you Request a DI Quote, we will indicate in the Application Packet which financial documents are required for the desired coverage. For your interest, below are Berkshire's basic financial documentation requirements for Individual Disability Products. Requirements for other Disability Products will be communicated with the Quote & Application forms (Disability Buy-Out, Overhead Expense, Business Reducing Term).
Financial Requirements for Individual Disability Products
(including Future Purchase/Increase Option exercises)
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$ Monthly Indemnity
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Requirement
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$2,000-$7,499
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One year financial returns
(See following specific financial returns required)
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$7,500-$10,000
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Two years' financial returns
(See following specific financial returns required)
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$10,001+
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Two years' financial returns
(See following specific financial returns required)
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CA and FL - The requirement is two years' tax returns for all amounts up to $15,000 of monthly income.
Specific Financial Returns Required
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Occupation/Business Status
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Documentation Required
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New Professionals
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Not required - See Special Limits for New Professionals
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Employee
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Form 1040 or W-2 or Payroll stub with year-to-date earnings
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Joint Returns
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Form 1040 and W-2
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Sole Proprietor
(or Independent Contractor)
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Form 1040 with all schedules
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Partnership
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Form 1040 with all schedules
Form 1065 with all schedules
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C Corporation
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Form 1040 with all schedules and W-2
For closely held or one person C Corporation, include Form 1120
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S Corporation
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Form 1040 with all schedules, W-2,
Form 1120S with all schedules
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Limited Liability Company (LLC or LLP)
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Form 1040 with all schedules, W-2,
Form 1065 with all schedules
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Additional financial documentation may be required whenever financial history dictates. Source: Berkshire's DI Underwriting Guide
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