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.
Help Business Owners Protect Themselves & Their Businesses
Business owners have a lot to protect.
First, there’s personal income. Personal income finances their lives – their homes, their cars, their lifestyles. Next, they need to protect their businesses and make sure they can cover their expenses every month. Many business owners also have employees who rely on the business for their incomes.
A long absence could disrupt it all: personal income, the business and their employees’ livelihoods. The Standard offers business owners three products to help if they become seriously sick or injured and have to take time off work:
Income Protection Insurance. Platinum Advantage individual disability insurance policies replace personal income.
Business Overhead Expense Insurance. Business Overhead ProtectorSM reimburses for overhead expenses, helping the business continue to operate.1
Buy/Sell Agreement Funding Insurance. Business Equity ProtectorSM helps fund a buy-sell agreement, so business partners can buy out an owner's interest.2
Business Owner Perks
Want to offer your business-owner clients more coverage at competitive rates? You can combine discounts, the Business Owner Upgrade and the Earned Income Enhancer.
Lots of Discounts
There’s the 10 percent Business Owner Discount.3 And, as few as two joint business owners can qualify for the 10 percent Multi-Life Discount. Add a Business Protection policy too, and they’ll get another 5 percent Multi-Product Discount. That adds up to 25 percent off an income protection insurance policy!
Business Owner Upgrades
We upgrade qualifying business owners one occupation class for both Business Protection products. And first-time applicants for Business Overhead Protector can be upgraded two occupation classes.4
Earned Income Enhancer
Sometimes the amount of income earned may not accurately reflect the amount your client needs to protect. The Earned Income Enhancer allows business owners to increase their insurable earnings by 20 percent. This can result in up to $2,000 more in monthly benefits, capped at issue and participation limits. To qualify, the business must have had two successful years in a row. And the applicant must own at least 20 percent of the business.
Coverage for New Business Owners
Did your client start the business in the last year? New business owners may still be eligible for income protection insurance if they worked for three or more years in the same profession. They must also be actively involved in operations and generating revenue for the new business. And new business owners can also qualify for up to $10,000 of Business Overhead Protector coverage with documented expenses.
To help your clients make the most of these rewards, refer to Business Owner Rewards or the New York version, plus The Standard's IDI Online Reference Product Guide. Also, you can read up on how Platinum Advantage appeals to business owners.
1 Business Overhead Protector is not available in Massachusetts or New York.
2 Business Equity Protector is not available in New York.
3 The Business Owner Discount is 15 percent for only Protector Platinum in California.
4 Not available to physician and dentist occupations nor to those working in financial services, real estate or entertainment.
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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