2 Ways to Increase Income Protection

January 27, 2021
Domino Protection

Most people expect their income to increase over time — from annual raises, promotions or growing their business. Help your clients make sure their income protection will keep up with earnings with Platinum Advantage.

When your clients buy a new policy, they qualify for benefit amounts based on their earnings at the time they apply. But as they grow in their careers and increase their incomes, will their coverage be enough? Let them know that Platinum Advantage gives them two ways to increase their coverage.

Two Ways to Increase

Most Platinum Advantage policies are eligible for two no-cost increase riders. The Automatic Increase Benefit increases monthly benefits by 4% each year. And every three years, policyowners can apply for a benefit increase with the Benefit Increase Rider.

Key Differences

 Automatic Increase BenefitBenefit Increase Rider
Increase FrequencyEach year for six consecutive yearsEvery three years or at any time if requirements are met*
Increase Amount4% compoundedApply for any amount up to Issue and Participation Limits
How to Apply

No application for first six years of increases. Must submit short application and proof of income every six years to renew for another six years.

Submit short application and proof of income
Helps ClientsKeep pace with annual cost-of-living and merit raisesMatch larger increases in earnings, such as from promotions or new positions

*For applicants age 50 and under, requires 30% increase in income or involuntary loss of LTD. Must apply within 90 days of event.

Coverage Increases = More Commissions

Increasing coverage is a win-win for you and your clients. Your clients can be confident they’ll have adequate income if they’re unable to work due to a disability. And we’ll pay you first-year commission on all new increase premium! Plus, The Standard will help you every step of the way by keeping both you and your clients up to date on upcoming increases and deadlines.

Have an existing policyowner who needs to increase coverage now? Check out the Benefit Increase Rider flyer for information on how to increase early.  

With Platinum Advantage, your clients can have peace of mind knowing that they can increase their protection as they earn more throughout their careers.

Categories: 
Platinum Advantage / Sales Insights