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.
Do You Know These 5 Key Advantages?
Platinum Advantage vs. Protector PlatinumSM
Getting up to speed on a new product takes time. Here's a shortcut — a product comparison highlighting five key differences between Platinum Advantage income protection insurance and our prior flagship product, Protector Platinum. You can take advantage of these changes to offer your clients more flexible, cost-effective policies, fine-tuned to their needs, occupations and lifestyle.
1. Definition of Disability: Optional Rider for Own Occupation
With Protector Platinum, an Own Occupation definition of disability is built into the policy. Platinum Advantage includes a Regular Occupation definition, meaning the insured is considered totally disabled if unable to perform the duties of his or her regular occupation (or medical or dental specialty) and is not earning money in another occupation. With Platinum Advantage, the Own Occupation definition of total disability is available as an optional rider. It allows an individual to work in a different occupation, even if disabled in his or her own occupation, and still receive full benefits.
This option gives you the flexibility to include the rider for clients who might need it, like surgeons and specialized attorneys, or to save money for your clients who don't want or need to pay for the extra protection.
2. Family Care Benefit: New Name — Same Unique Caregiving Benefit
For Platinum Advantage, we've changed the name of Protector Platinum’s Compassionate Disability Benefit to the Family Care Benefit. It's easier to explain and helps emphasize the value this built-in benefit offers your clients, who may need to take time away from work to care for a family member with a serious health condition.
3. Residual/Partial Disability Riders: More Flexibility With 3 Levels
Platinum Advantage removes the residual (partial) disability and recovery language from Protector Platinum's base policy and re-introduces it with a choice of three riders. This allows you to offer each client the rider that fits them best. The Enhanced Residual Disability Rider is the best available and closest to the partial disability benefit in the Protector Platinum policy. To help you tailor coverage and costs, a Basic Residual Disability Rider and a Short-Term Residual Disability Rider are also available.
The Enhanced Residual Disability Rider allows a covered individual to meet the definition of disability during the waiting period if there is at least a 20 percent loss of duties or time or income. After the benefit waiting period, they must experience at least a 20 percent loss of income. It pays a 50 percent minimum benefit for the first 12 months that residual disability benefits are payable. A recovery benefit is also included.
4. Employer-Based Multi-Life Discount: Only 3 Lives Required
We've made it easier for your clients to qualify for this discount. Only three lives are required with Platinum Advantage. We'll provide a 10 percent discount when we receive applications for three or more lives employed by the same employer, within a six-month period. If the third application comes in after two others are in force, the three policyholders will receive the discount on their next premium due date.
5. Student Loan Rider: New Option for Physicians and Dentists
Appeal to physicians and dentists — and help relieve their student loan worries — with a rider that's unique to Platinum Advantage. If your client becomes totally disabled, The Standard will pay a student loan benefit in the amount due under the existing student loan agreement, up to the policy's maximum monthly student loan benefit. Physicians and dentists can elect a 10- or 15-year term, with a minimum benefit of $500 and maximum benefit of $2,000.
Interested in other big and little differences that can help you understand how to build the best Platinum Advantage policy for each client? Use this handy Protector Platinum vs. Platinum Advantage comparison chart as a guide. You can also view comparisons that identify the key strengths of Platinum Advantage when compared to Principal, Guardian and Ohio National's IDI products.
Confidence and Compassion
A Note from Greg Ness, Chairman, President and CEO
At The Standard, we’ve been helping people achieve financial well-being and peace of mind since 1906. As the global health crisis continues to disrupt lives, communities and the economy, I am confident we’ll continue helping people when they need us the most. Our company has been through hard times and market volatility before and we will navigate through this challenge as well. As our customers face tremendous stress and uncertainty, we will continue providing support and stability to those who rely on our products and services.
This pandemic is tough on everyone. Our communities are hurting, our families and friends are distressed and some of our most vulnerable neighbors are at risk.
The crisis and the way we collectively respond to it will define a generation. We are rising to the challenge. I know every single employee at our company — along with staying focused on keeping our business running and serving our customers — is looking for ways to make a difference for those most affected by this pandemic. That’s proving true in businesses and homes across the community, the country and around the world.
Part of the tragedy of this disease is that even as we come together to help those most in need, the unique nature of COVID-19 is forcing us apart. We all understand the importance of —social distancing— to slow the spread, but we should remember that’s just physical distancing. I encourage you to find ways to safely connect with those in your neighborhood who may require extra help and with groups in your community that are making a difference and support them however you can. And now is the perfect time to reach out to friends and others and just check in.
To our health care providers, first responders and everyone selflessly setting aside their own fears and concerns to help others during this time — thank you hardly seems enough. These people are true heroes. This crisis reinforces how reliant we are on the many essential services we too often take for granted. We are grateful to so many for continuing to show up with focus and commitment.
We will get through this, especially if we are sustained by the examples of those who make us the proudest right now — family, friends, neighbors and colleagues working together — rather than allowing our fears to guide us. No matter how unsettled we may feel, remember we are not alone. There are so many people in this world trying their level best to help others. And I am certain we will get through this — together.
In times of crisis, we are defined by how we react. Let’s continue to be defined by compassion.
And to our customers, thank you for putting your trust in The Standard. What we sell is a promise to be there when you need us, and that promise is unwavering.
Be safe and well, and stay connected.
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.
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