Winter 2009
Checking in
The year-end is fast approaching. We know you are busy and you may have missed some of The Standard's DI NEWS email broadcasts. So here is an overview of the year so far.
For product details, please see the online Reference Product Guide, form 9251REF (PDF; 661 KB), at www.standard.com/di.
Guaranteed Renewable Rates are an attractive solution for cost-conscious customers
August 2009 — Steve Brady, Second VP IDI Sales, reminded everyone that The Standard's existing GR policies can represent an attractive, affordable alternative to noncancelable policies. "In the history of The Standard's writing IDI, (since 1952), we have not increased the GR rates on any of our policies except for a single association case involving a professional bar association. Of course, that does not mean it cannot happen in the future, but it clearly illustrates a precedent of stability and pricing foresight at The Standard."
New product guide for The Protector SeriesSM
August 2009 — A new IDI product guide was released. form 9251 (PDF; 506 KB). To order your copy of this or other sales, reference or training materials, please go to www.standard.com/di and choose Marketing Materials.
You can view the online reference version, form 9251REF (PDF; 661 KB), of the product guide 24/7 and browse via an electronic index to see any changes since printing. It is located in the center of the page at www.standard.com/di.
New, improved TeleApplication process
August 2009 — The Standard's vendor, LifePlans, is staffed with experienced medical professionals such as RNs and MDs and has demonstrated skill in securing the proper level of detail for each IDI application. This reduces the need for amendments and call-backs, as well as the number of applications requiring Attending Physician Statements. The result is faster, more efficient underwriting for everyone.
To use the new TeleApp process, download a new IDI application by going to www.standard.com/di. Choose Find Forms and then download the revised application packet for your state. Follow the steps provided on the TeleApp Producer Instructions sheet included in your application packet. Medical underwriting requirements are the same for both TeleApp and Traditional applications. To see the details, please refer to pp. 30 and 31 of the Product Guide.
Help with modified offers
August 2009 — You asked for something you could give to your customers when you have modified offers. A twosided consumer flyer discusses the value of modified offers and provides a graphic representation of what happens if your customers' health becomes worse, stays the same or improves. The Value of Modified Offers, form 14744 (PDF; 48 KB).
Occ Class increases for several occupations
May 2009 — The Standard announced upgrades to many white and blue collar occupations including educators, appraisers, counselors, draftsmen, librarians and positions in the medical services field.
Two more conveniences for your customers
April 2009 — The Electronic Funds Transfer Form now includes the convenient option for your customers to authorize electronic premium payments. The EFT form is included in all new IDI application packets.
If a policyowner forgets to pay a policy premium, The Standard generates a lapse letter giving the policyowner 15 days to pay the premium and reinstate the policy without a gap in coverage. The lapse letter includes the new EFT form to make these payments more convenient for your customers, and reduce the possibility that policies lapse unintentionally going forward.
Do your customers ask about their IDI coverage when they change jobs or become unemployed?
March 2009 — Recent changes in the economy have left many people unemployed or working in new industries. Reassure your customers who have IDI with The Standard, that should they become unemployed or change jobs, there is no requirement that they remain in the same occupation or that they remain employed in order to keep their coverage, so long as they continue to pay their premiums on time. Regular Occupation, under The Standard's The Protector+SM and The ProtectorSM policies, is defined as the insured's occupation at the time disability begins.
If, as a result of unemployment or job changes, your customers are concerned about their ability to pay premiums, there are ways to modify their policies so they can keep their valuable coverage and reduce their premiums. Examples include removing a rider, increasing the waiting period, or decreasing the benefit period.
Premium rate reduction
March 2009 — A premium rate reduction of approximately 12%* for The Protector+ 5A occupation class was announced for policies that include the Noncancelable Rider.
* The exact amount of the reduction will depend on the riders issued with the policy
Increases in FPO pool limit and benefit amounts
February 2009 — FPO pool limit increased from $5,000 to $10,000. Maximum benefit amounts increased for The Business ProtectorSM disability business overhead insurance and for The Business Equity ProtectorSM disability buy/sell funding insurance.
Increased benefit amounts for government employees
November 2008 — Occ classes 3A, 3P, 4A, 4P and 5A maximum benefit amount increased to $5,000. Occ classes 2A, A and B increased to $2,000.
New training presentations
It's easy to find, form 14508PPT (PPT; 2.24 MB). Step by step description shows how to find, view and order IDI marketing, sales and training materials from The Standard.
Old Fashioned Underwriting, form 13928PPT (PPT; 734 KB). Overview of the Old Fashioned UnderwritingSM at The Standard.
A Guide to Policy Inquiry, form 14506PPT (PPT; 3.67 MB). Step by step description of The Standard's online Policy Inquiry, for producers and their staff.
Individual Disability Income Insurance at The Standard, form 11399PPT (PPT; 3.06 MB). A comprehensive overview of The Protector+ and The Protector individual disability income insurance.
How to exercise Future Purchase Options, form 14507PPT (PPT; 2.53 MB). Everything you need to know to help your customers exercise FPOs.
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