The Standard Launches Protector PlatinumSM,
the Next Generation in Individual Disability
Launched on November 1st, The Standard's new Protector PlatinumSM Individual Disability Income insurance (IDI) is available in approximately 20 states to date.
"Protector Platinum's base contract is the most comprehensive individual disability income insurance policy in the industry, and we've kept it competitively priced," said Dawn McMaster, assistant vice president, The Standard.
Unlike earlier disability income products in The Protector SeriesSM – The ProtectorSM and The Protector+SM – Protector Platinum has separate contracts for the IDI and Guarantee Issue (GI) markets, tailored to the specific needs of each segment. Guarantee Issue is available when IDI is sold at the workplace to a group of employees. GI does not require medical underwriting, has limited financial underwriting and offers substantial discounts.
"The Guarantee Issue market is largely untapped, and we're geared up to help brokers cross-sell Protector Platinum GI to group LTD employee groups," explained Mike Feuerstein, manager, Guarantee Issue.
With today's uncertain economy, protecting income is essential because people may have fewer resources to fall back on if they experience a disability. "To meet that need, The Standard designed the base Protector Platinum policy with strong built-in benefits to help make disability insurance easier to understand, teach, sell and own," said Steve Brady, RHU, second vice president, IDI sales.
Protector Platinum also introduces innovative, industry-leading benefits. For example, the Compassionate CareSM Benefit, an industry first, means that The Standard will pay disability benefits if the insured person has a loss of income while caring for a family member with a serious health condition. Another innovation is the new Partial Disability provision, which pays full benefits for the first six months if a disabled insured has a loss of time, duties or income.
"We're committed to helping people return to work after a disability," McMaster explained. "We believe our new Partial Disability Benefit will give them the support, flexibility and encouragement they need while they're recovering – without penalizing them for working as much as they're able."
Protector Platinum includes the following features with the base contract:
- Full benefits for the first six months are payable for Partial Disability
- "Own Occupation" definition of disability for all occupations
- Compassionate CareSM Disability Benefit
- Recovery Benefit
- Unlimited Mental Disorder/Substance Abuse Benefit
- Lifetime presumptive benefits
- Medical and legal specialty protection
- Automatic Increase Benefit
Customers can also choose from four riders: Noncancelable, Indexed Cost of Living, Catastrophic Disability and a Future Purchase Option.
"Protector Platinum achieves our goal of making IDI insurance simple to understand and sell to all occupations," McMaster said.