A new Individual Disability Insurance (IDI) product from Standard Insurance Company (The Standard) broadens the reach of income protection coverage and can provide a distinct sales advantage to producers.
Platinum Advantage income protection insurance builds on the strong contract of The Standard’s previous IDI products and allows producers to create customized solutions that best meet a client’s needs.
“As a leading provider of IDI for the past six decades, The Standard has always been known for strong contracts,” says Dawn McMaster, vice president of IDI at The Standard. “We created Platinum Advantage so producers can design the right product to protect their clients’ income in a way that meets their unique needs and budget.”
Platinum Advantage is a fit for clients across numerous occupation classes as it can be tailored to a client’s profession, income projection and life stage. Platinum Advantage includes strong core benefits and flexible riders — some of which are available at no additional cost.
“Platinum Advantage is straightforward in its design and provides comprehensive income protection to clients,” says Doug Waters, second vice president of IDI sales at The Standard. “With the updates we’ve made, it offers a great combination of high quality and flexibility.”
Platinum Advantage has a premium base benefit which includes a Guaranteed Renewable feature, robust mental disorder and substance abuse benefits, and strong definitions of disability. Producers have the flexibility to help their clients create the highest-quality product, depending on their choice of additional riders. Optional riders include a Residual Disability Rider, Noncancelable Policy Rider, Own Occupation Definition Benefit, Indexed Cost of Living Benefit Rider, Catastrophic Disability Rider and a Student Loan Rider.
Platinum Advantage is the only IDI policy to offer the Family Care Benefit, which pays a monthly benefit to policyholders who need to take time off work to care for a family member (a spouse, parent or child) with a serious health condition. The feature is included in the base policy at no cost, and can be a helpful feature for clients in the sandwich generation.
“Gen X and baby boomer clients are sometimes in a position where they need to provide hands-on care for an aging parent or seriously ill child,” says Waters. ”These caregiving responsibilities can limit a client’s ability to work and, in turn, his or her income. The Family Care Benefit can help reduce the financial impact of an income loss and medical expenses that often occur when caring for a family member.”
Platinum Advantage guarantee standard issue (GSI) plans will be available in the latter part of 2017.For more information on Platinum Advantage and a full list of features, producers can visit www.standard.com/di or talk with their general agent.
About The Standard
The Standard is a leading provider of financial products and services, including group and individual disability insurance, group life and accidental death and dismemberment insurance, group dental and vision insurance, absence management services, retirement plans products and services, individual annuities and investment advice . For more information on The Standard, visit www.standard.com/di.
The Standard is the marketing name for the subsidiaries of StanCorp Financial Group, Inc.: Standard Insurance Company; The Standard Life Insurance Company of New York; Standard Retirement Services, Inc.; StanCorp Equities, Inc.; StanCorp Mortgage Investors, LLC; StanCorp Investment Advisers, Inc.; StanCorp Real Estate, LLC; and Standard Management, Inc.
Bob Speltz, Senior Director,
Bader Rutter & Associates