VO-BB - 20 YEARS OLD!

Scott Pollak · Posted: Sun Mar 18, 2012 7:06 am Post subject: Is your voice insured?

My sister recently asked what she THOUGHT was a silly question, but in reality isn't: "Is your voice insured?"
Mine isn't, but got me to wondering. It might not be a bad idea.
Just curious as to whether any of my fellow v/o pros have their voice insured, and if so, through whom (and if you don't mind sharing premium costs, that, too)?
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jsgilbert · Posted: Sun Mar 18, 2012 8:57 am Post subject:

I actually looked into this a few years ago. It's extremely complicated and I was able to determine that it didn't make sense.

Realize though that I am not a lawyer, nor do I sell or have studied the insurance industry.

These insurances don't kick in for temporary situations, so for example, last year when I was working on that big e-learning project and got laryngitis (representing a $10,000 - $12,000 income hit), this insurance wouldn't have done any good.

It works if you have a permanent situation that would mean you could no longer work as a voice actor. However, even if you retained some ability to speak, the insurance company might fight you with regards to your permanent inability to work as a voice actor. This has happened with professional singers, whereby they are no longer employable because their singing voice is gone, but can "technically" still speak.

This also brought up issues, such as other more likely reasons why someone might be rendered unable to continue working, such as paralysis or partial paralysis, loss of eyesight, hearing loss, etc.

The cost is monumental, compared to the likelihood one might ever see a payout, and the other more likely risks to one's ability to earn an income are far more likely to occur.

There are some things that voice talent may wish to look at. (Again, speaking only from personal experience and not as a "professional business expert", I offer the following as suggestions for areas you may wish to look into) or attorney

Forming an LLC and running their v.o. business under this entity. Their are numerous benefits that one can derive from doing this, in particular if they work strictly union.

Long term disability, term life insurance

IRA's and other savings plans.

Insurances that may include E & O (Errors & Omissions), Key Man insurance (Also known by other names)

Business Interruption Insurance - This last one is almost as tricky as getting your voice or legs insured, but could make sense.

I'd suggest asking for recommendations to financial Advisors, who often have relationships with insurance and other professionals who can assist you in making the choices that are best for you.

It's also a great idea to do annual reviews of your situation. Moving from a voice over business that grosses $90,000 to $125,000, could change your overall "picture" considerably.

I might also suggest looking into living trusts, durable powers of attorney, advance health care directives.
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Bruce · Posted: Sun Mar 18, 2012 9:10 am Post subject:

My brief exploration into this also proved it's hard to get. Lloyd's of London will insure just about anything, but at a cost that just wouldn't make sense.

When I was about to have thyroid surgery a few years ago that could have ended my voice career I comforted myself by thinking of all the allied careers I could move into, things I've done with some success such as writing and producing. If all else failed I love gardening. Something along those lines would have satisfied even though the income would be much less.

In the end I chose a surgeon with skinny fingers and delicate hands who did a great job.

B
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Frank F · Posted: Sun Mar 18, 2012 10:45 am Post subject:

Lloyd just listened to me and laughed. So I left London and looked elsewhere. Still have not found anyone who at least does not chuckle.

FF
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Ed Gambill · Posted: Sun Mar 18, 2012 11:00 am Post subject:

Think of Individual Disability Insurance

BTW the expression A1 comes from a rating system used my Lloyd's.

A new ship with a cargo of Cotton would be rated A1. Older ships and higher risk cargo like Gold have a rating with a higher cost.

I wonder were VO's would be rated.
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Jeffrey Kafer · Posted: Sun Mar 18, 2012 12:55 pm Post subject:

The best insurance for cases like this is what Bruce said: Diversify your skillset so that you can live comfortably doing other work. I've been doing lots of post-production for audiobooks, and could probably make a go of it, if necessary.

Much as you shouldn't rely on one single client for your income, the same is true of relying on a single skillset.
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Deirdre · Posted: Sun Mar 18, 2012 1:53 pm Post subject:

todd ellis · Posted: Sun Mar 18, 2012 4:05 pm Post subject:

i'm thinking about going into landscaping. one eye is really all you need.
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Scott Pollak · Posted: Sun Mar 18, 2012 5:43 pm Post subject:

Adam Verner · Posted: Tue Mar 27, 2012 10:04 am Post subject:

Scott - I did indeed get disability insurance through Lolyds of London....PM me if you want details!
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bobbinbeamo · Posted: Fri Mar 30, 2012 7:29 pm Post subject:

I'm working with a financial planner and am planning on looking into this insurance. Lloyd's may be expensive. I don't know exactly but it would be interesting to learn. I'll report here once I find out.
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Adam Verner · Posted: Sat Mar 31, 2012 1:45 pm Post subject:

Hey Bobbin! Loylds is indeed expensive - but they're the only company in the world that will insure a voice actor Smile

Can't guarantee they'd do it for everyone, but they offered me a 20% discount to pay the first 5 years up front, and I took it.
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