The Standard is a marketing name for Standard Insurance Company (Portland, Oregon), licensed in all states except New York. Products and availability vary by state and are solely the responsibility of Standard Insurance Company.
Check In With Clients Now About RMDs
We’re heading toward the end of the year — and the deadline for annual required minimum distributions from qualified policies for annuitants who are 70½ and older. Here are some facts about RMDs and thoughts on why an autumn distribution is a great idea.
If annuitants don’t take a required minimum distribution by December 31, they risk an IRS penalty of 50 percent of the amount of the distribution. Insurance companies are not allowed to back-date distributions to a previous tax year. That means it’s never a good idea to request an RMD close to the end-of-the-year deadline. An autumn distribution helps clients avoid an IRS penalty.
Even if you’re now selling in a state that doesn't require the training, taking it now means you’re covered if that state adopts the model or you start selling in a state that requires it.
Take this opportunity to check in with your clients. Discuss RMD options, set up accounts and get the required documentation for the RMD option they’d like. If this is your client's first year taking an RMD from The Standard, ensure that we have the year-end balance from the previous carrier.
You can get all required forms on our website. Select your distributor in the drop-down menu, then go to Find Forms and Materials and select Policyowner Service. Please call our Client Communication and Service Team for information about special handling options.
We accept faxed requests to 800.378.4570. RMD quotes are available over the phone and in written form. Contact our service specialists for RMD quotes or answers to questions. Call 800.247.6888 or send us a message.
Jared's Story: Time for Family
Age: 36 - Occupation: pediatrician - Married, one child
How the Family Care Benefit provided the ability to care for a loved one
Jared's daughter was born with a heart defect. They visited multiple specialists to diagnose the condition and determine the appropriate treatment. Then his daughter underwent surgeries, hospital stays and months of follow-up appointments. Benefits from Jared’s Platinum Advantage policy helped make up for the income lost when Jared spent time away from work to attend physician appointments and to be with his daughter in the hospital and throughout her extended recovery — providing peace of mind during a trying time.
Supportive Office Equipment
Age: 42 - Occupation: accountant - Married, no children
Assistance on the road to recovery through a rehabilitation program
Jody's role as an accountant at a small firm requires a lot of computer work. After sustaining a serious back injury from a car accident, Jody was totally disabled under her Platinum Advantage policy. Jody’s doctor recommended she purchase assistive equipment to help her work comfortably at her desk without aggravating her condition. She was able to return to work full time after participating in a rehabilitation program in which expenses for a sitstand desk and other ergonomic accommodations were paid for under her Platinum Advantage policy. These modifications helped ensure she could return to work safely, without hindering her recovery.
David's Story: Starting a Medical Career
Age: 33 - Occupation: dermatology physician - Single, no children
Benefits that match career growth through the Benefit Increase Rider
David is completing his dermatology residency and just accepted an offer at a private practice. Before the end of his residency, he purchased a Platinum Advantage policy that included the Benefit Increase Rider, knowing his income will rise significantly after he starts his first post-residency job. The benefit also will allow his policy to grow with him as he progresses in his career and receives additional salary increases. David values the fact that his coverage going forward will match his developing career.
Jason's Story: Accidents Happen
Age: 35 • Occupation: orthopedic surgeon • Married, two children
Finding work in a new occupation with the Own Occupation Rider
Jason injured his right hand in an accident and was unable to return to his job as an orthopedic surgeon because he couldn't perform surgery. Due to his medical training, he was able to return to work as a family medicine physician. Jason was considered totally disabled in his regular occupation as an orthopedic surgeon — even though he earns an income from another occupation as a family medicine physician — because of the own occupation definition of total disability included in his Platinum Advantage policy. Because of this, he receives the policy's full basic monthly benefit, in addition to the income he receives in his new position.