The Standard is a marketing name for Standard Insurance Company (Portland, Oregon), licensed in all states except New York, and The Standard Life Insurance Company of New York (White Plains, New York), licensed only in New York. Products and availability vary by state and are solely the responsibility of the applicable insurance company.
2 Ways to Increase Income Protection
January 27, 2021
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 Benefit | Benefit Increase Rider | |
|---|---|---|
| Increase Frequency | Each year for six consecutive years | Every three years or at any time if requirements are met* |
| Increase Amount | 4% compounded | Apply 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 Clients | Keep pace with annual cost-of-living and merit raises | Match 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.
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Platinum Advantage / Sales Insights