The Flexible Platinum Advantage GSI Contract

Some employers want exceptionally strong income protection to help attract and retain top talent. Others want to provide a comprehensive benefits package without breaking the bank. With The Standard’s Platinum Advantage GSI, you can design plans to meet your clients’ benefits and budget goals.

You’ll be off to a great start with Platinum Advantage GSI’s strong base contract. It includes a regular occupation definition of total disability, plus presumptive disability, a rehabilitation program and survivor benefits. The base contract also includes the Family Care Benefit.

Offered exclusively by The Standard, the Family Care Benefit can help employees with children or aging parents — or both. These employees may worry about taking time away from work to care for their family members if they become seriously sick or injured. The built-in Family Care Benefit helps ease this financial burden. It provides benefits if the insured person works at least 20 percent fewer hours and suffers at least a 20 percent loss in pay due to caring for a family member who has a serious health condition. 

No other carrier offers this benefit. Read The Growing Need for Caregiving to learn more about why the Family Care Benefit is so important.

Next, you can add riders to increase income protection coverage.

Tailor the Definition of Total Disability

Here's how the Platinum Advantage GSI base contract defines disability. For the first 24 months, policyowners are considered disabled when:

• They are unable to perform the substantial and material duties of their regular occupation
• And are not working in another occupation.

This is called the regular occupation definition of total disability.

After 24 months, the definition changes. To continue receiving benefits, the policyowner must be unable to perform the substantial and material duties of any occupation.

Here are two options to enhance the total disability coverage for your cases:

First, you can add a Regular Occupation Extension Policy Rider. This rider changes the policy’s definition of total disability. Instead of requiring the inability to work in any occupation after the first 24 months of disability, the rider extends the Regular Occupation definition for the life of the policy.

With the Own Occupation Rider, policyowners who are unable to perform the substantial and material duties of their regular occupation are eligible to receive total disability benefits even if they’re working in another occupation. This rider is optimal for highly specialized professionals, such as surgeons and trial attorneys.

Choose the Right Residual Disability Rider

You’ll choose between two strong residual disability riders with Platinum Advantage GSI.

The Basic Residual Disability Rider offers disability benefits proportionate to the loss of income when the policyowner has a loss of income of at least 20 percent and a loss of either time or duties. However, the benefit will be at least 50 percent of the basic monthly benefit for the first six months that a benefit is payable.

This rider includes a Recovery Benefit. It provides continued benefit payments if the policyowner returns to the same occupation and continues to have a loss of earnings of at least 20 percent due solely to the disability just recovered from. This rider is anything but basic and is a strong option for many cases.

The Enhanced Residual Disability Rider provides benefits of no less than 50 percent of the basic monthly benefit for the first 12 months that disability benefits are payable. After 12 months, benefits will be proportionate to the loss of income. To qualify for benefits, the insured individual must be working in their regular occupation or any other occupation and experience a loss of income of at least 20 percent.

To be considered disabled for the Benefit Waiting Period, the policyowner must show a loss of one of the following: time or duties or income. This makes it perfect for those who might not experience an immediate loss in income.

Professionals in specialized work may also benefit from a Recovery Benefit. Under the Enhanced rider, policyowners may receive benefits even if they return to work in their regular occupation or another occupation. To qualify, they must continue to have a loss of earnings of at least 20 percent due solely to the previous disability.

Two More Ways to Customize Plans

These choices can further protect employees.

The Catastrophic Disability Benefit Rider provides an additional benefit if the policyowner is presumptively disabled, has severe cognitive impairment that requires substantial supervision or cannot perform two or more “Activities of Daily Living.”

The Cost of Living Benefit Rider can help policyowners’ benefits keep up with inflation. For a disability lasting more than one year, the monthly benefit will be adjusted annually, based on the Consumer Price Index.

Ready to talk about designing a Platinum Advantage GSI plan for a prospect? Please contact your GSI Sales Representative.

For Producers Only