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.
Match the Residual Rider to the Client Need
The base Platinum Advantage income protection policy covers total disability only, and a Residual Disability Rider must be added to ensure your clients will be covered if they become partially disabled. We recommend adding the appropriate residual disability option to every illustration.
Occupation classes 3A/3P and higher may choose between the Basic and Enhanced Residual Disability Riders. It's important to note that the Basic Residual Disability Rider provides strong and appropriate residual coverage at competitive premium rates for most policyowners. In fact, it matches or exceeds many carriers’ strongest residual options.
However, the Enhanced Residual Disability Rider may be the better match for someone working in a specialized profession, or someone who would have difficulty proving a loss of income immediately after disability, such as a business owner. Here are three features the Enhanced Residual Disability Rider offers beyond the Basic Residual Disability Rider:
- Definition of Residual Disability
The definition of residual disability hinges on three potential losses: loss of time, loss of duties and loss of income. With the Enhanced Residual Disability Rider, the insured must lose 20 percent of only one of those to be considered residually disabled during the benefit waiting period – 20 percent of duties or 20 percent of time worked or 20 percent of predisability earnings.
With the Basic Residual Disability Rider, the insured must lose at least 20 percent of income, plus either 20 percent of time worked or duties. A client whose income may not be immediately reduced by cutting back on hours or duties would be able to satisfy the benefit waiting period under the Enhanced Residual Disability Rider.
Example: A commission-based mortgage broker has several planned closings spanning over three months. Due to a disability he must reduce his hours, but his income remains level as commissions from his previously scheduled closings are paid. Under the Enhanced Residual Disability Rider, he could be considered residually disabled during the benefit waiting period due to his reduced hours.
- Minimum Benefit Guarantee
With the Enhanced Residual Disability Rider, a policyowner will receive at least 50 percent of his or her monthly benefit for the first 12 months of disability. With the Basic Residual Disability Rider, this guarantee is for six months.
- Recovery Benefits
Both the Enhanced and Basic Residual Disability Riders offer comprehensive recovery benefits. However, with the Enhanced Residual Disability Rider, the insured may recover and return to either his or her previous occupation or another occupation. With the Basic Residual Disability Rider, the policyowner must return to his or her previous occupation to be eligible for recovery benefits.
Example: A metallurgist becomes residually disabled and cannot perform all the duties of the position for more than six months, which triggers his termination. He fully recovers, but by then his job is filled and there are no openings for that specific type of job. He then finds employment in another profession. Under the Enhanced Residual Disability Rider, a recovery claim would be considered; under the Basic Residual Disability Rider, it would not.
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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