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.
Are Your Clients' Benefits Growing With Their Incomes?
Use BIR and AIB to Protect Their Success and Enhance Yours
Two big reasons to buy Platinum Advantage income protection? It includes the Benefit Increase Rider and Automatic Increase Benefit Rider. Both allow your clients to increase their benefits. Without paying extra for that ability.
You can talk up both riders to show your clients why it pays to buy a policy now. They'll gain affordable coverage that can grow over time — regardless of any changes in their health.
Benefit Increase Rider — Helps With Fast-Growing Incomes
This no-cost rider allows clients to increase their basic monthly benefit amount as their earnings grow, without providing medical information. Here's how it works:
- Rider is automatically included at no cost through issue age 50, if your client purchases at least 75 percent of base monthly benefit offered.
- Allows coverage increases every three years on the policy anniversary, based on eligible income increases.
- Rider will end if the insured person doesn't apply and accept at least 50 percent of increase offer every three years.
- Available with fully underwritten policies and GME.
“The Benefit Increase Rider is a fantastic touchpoint for producers,” says Jill Frohardt, regional director, IDI Sales. “It gives you the opportunity to cross-sell, upsell and ask for referrals. When you receive 90- or 60-day advance notices, reach out to clients to help them keep their benefits up to date.”
Automatic Increase Benefit — Helps Keep Pace With Inflation
The AIB rider is a great feature for clients who get steady raises. It increases the basic monthly benefit on each policy anniversary date for six years. All they have to do is accept the increase. There's no medical or financial information required. Key details:
- Rider is automatically included at no cost with fully underwritten policies, through issue age 59.
- Provides a 4 percent increase to the basic monthly benefit each year for an increase period of up to six years.
- Can decline increases, but the rider will end if customer declines two consecutive increases.
- Can apply for more increase periods.
Grow Your Sales From Your Existing Block
You'll receive new first-year premium commissions when your clients accept BIR and AIB increases. You can earn significant commissions as their careers grow, especially with physicians. It's a great way to protect your clients' incomes and enhance your sales!
For more details, check out Know It All: 2 Types of Benefit Growth for Fully Underwritten IDI.
Jared's Story: Time for Family
Age: 36 - Occupation: trial attorney - 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.