Do You Know These 5 Key Advantages?

April 21, 2017

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.


Platinum Advantage