May is DIAM
May is Disability Insurance Awareness Month and the timing is perfect. The country is emerging from the COVID-19 pandemic and the business world is starting a return to normal. Recent news reports show that economists expect a vigorous economic rebound as the pandemic recedes. In fact, economic indicators already show significant improvement. Consumer confidence and retail sales are up, while jobless claims are down. If economists’ predictions are right, the economy will continue this upward trend into the summer and beyond.
The outlook is brighter here at The Standard, too. We’ve seen an increased level of interest and inquiries into Guaranteed Standard Issue Individual Disability Insurance. In the first quarter of 2021 we’ve seen a large increase in RFPs – more RFPs than the first quarters of both 2020 and 2019! And we’re seeing more premium per group. The average premium per group in the first quarter of this year was up 29% compared to the previous quarter.
Companies are looking to the future with optimism for their businesses. They’re also more committed than ever to supporting the well-being of their employees. Employees, however, may be feeling less optimistic after experiencing the financial effects of the pandemic and seeing how unanticipated events can affect plans and financial security.
Employers can help. They can provide extra peace of mind to their employees by providing income protection to safeguard their finances from an unexpected illness or injury.
During Disability Insurance Awareness Month, let employers know how Platinum Advantage can provide strong income protection to their employees. Our product provides:
A Family Care Benefit. The benefit — exclusive to The Standard — pays a benefit when an employee reduces work hours (and income) to care for a family member with a serious health condition.1
True Specialty Own Occ. Under the Own Occupation Rider, insured individuals can be considered totally disabled while earning money in another occupation. The Own Occupation level of income protection can be particularly important for specialized professionals.
Unlimited coverage for disability caused or contributed to by a mental disorder or substance abuse. Most groups can choose this coverage for their employees, up to the maximum benefit period.2
An Enhanced Residual Disability Rider.3 Employers can protect employees who are still working but losing income because of a disability. Our strongest residual rider provides no less than 50% of the basic monthly benefit for the first 12 months. Plus, it includes a Recovery Benefit for employees who return to work in their own — or another — occupation but continue to lose income. Learn more about our residual options.
Individual disability insurance provides important coverage that can help employers attract and retain top talent. Industries with a concentration of high earners easily see a fit with IDI offered through the workplace. During the pandemic, a wider variety of industries have also shown interest. Groups that have recently bought GSI IDI include agricultural, retail and hospitality-related companies. These are just a few that don’t fall into our more common target markets. As you look to spread the message of income protection during Disability Insurance Awareness Month, explore beyond your typical markets.
If you’d like assistance with plan designs or sales ideas, please reach out to your GSI regional director. We’re here to help.
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