How to Fine-Tune Flexible Income Protection

July 21, 2017

Clients want the disability insurance that fits their needs and budget, and you want the ability to meet their unique needs — and that takes some fine-tuning. The first step to satisfying these requirements is having the right base contract, and the second is including the right enhancements. The versatility of Platinum Advantage makes it easy to complete both steps.

Every Platinum Advantage offering starts with solid features such as:

  • Guaranteed renewable contract
  • Two forms of future benefit growth for fully underwritten IDI
  • Our unique Family Care Benefit, which includes income protection for those who take time away from work to care for a family member with a serious health condition
  • And much more

From there, Platinum Advantage offers many ways to enhance the contract for a perfect fit. Here's a look at some of the options.

Residual Disability Riders

Basic disability coverage pays out when policyowners are completely unable to work, but The Standard's three levels of residual disability riders go further. They provide flexibility so people can return to work part-time without losing their disability coverage. We recommend adding a residual disability rider to every contract, because everyone deserves the peace of mind that comes from knowing partial income gaps will be covered, along with the fulfillment of getting back to work as they're able.

To fine-tune this feature, consider your customer's occupation and what a partial loss of income looks like to them. (For details, check out Match the Residual Rider to the Client Need.

Noncancelable and Guaranteed Renewable

The Standard's guaranteed renewable base contract offers a three-year rate guarantee from the date of issue for all Platinum Advantage policyowners. Adding a Noncancelable Policy Rider goes a step further by ensuring the policy can’t be canceled and won’t incur a rate increase as long as premiums are paid on time.

To match your policy recommendation to the right contract form, understand your customer's need for pricing stability vs. premium savings.

Definition of Disability: Own Occupation

Under the base contract's Regular Occupation definition of disability, policyowners are considered disabled when they are unable to perform the substantial and material duties of their regular occupation and are not engaged in another occupation. With the Own Occupation Rider, policyowners who are unable to perform the substantial and material duties of their regular occupation are eligible to receive total disability benefits even if they are working in another occupation.

The flexibility of this option lets you help clients with highly specialized jobs, such as surgeons and trial attorneys, make up pay differentials if disability prevents them from working in their specialized fields.

Additional Riders

Platinum Advantage also offers a Cost of Living Adjustment to help protect against inflation; a Catastrophic Disability Benefit Rider to help offset additional expenses incurred as a result of a catastrophic disability; and a Student Loan Rider for physicians and dentists to reimburse monthly student loan payments during total disability.

 

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