Meet Client Needs With the Right Residual Option

Platinum Advantage offers the ultimate flexibility around residual disability coverage. Determining which rider is right for your customer is a matter of understanding the coverage gaps they’re most likely to experience while weighing the cost. Here’s a look at our Basic, Short-Term and Enhanced Disability riders — along with their relative pricing — to help you determine the right solution for each customer.

Short-Term Residual Disability Rider: 5% Added to the Base Contract. The Short-Term Residual Disability Rider is available to occupation classes 2A, 2P, A and B. It provides 50 percent of the policy’s basic monthly benefit for up to six months while the insured has a loss of income of 20 percent or more, and a loss of time or duties during the waiting period and the benefit paying period. This rider is designed for people in blue- and gray-collar occupations who need an affordable approach to protect against a partial earnings loss.

Basic Residual Disability Rider: 12% Added to the Base Contract. This rider is available to all occupation classes except A and B. It offers disability benefits of at least 50 percent of the basic monthly benefit for the first six months when the insured has a loss of income and a loss of either time or duties. A Recovery Benefit provides continued benefit payments if the insured returns to the same occupation and continues to have a loss of income of at least 20 percent due solely to the disability he or she has just recovered from. This is a strong option for most clients.

Enhanced Residual Disability Rider: 19% Added to the Base Contract. Our richest option is available to occupation classes 3A, 3P and higher and provides no less than 50 percent of the basic monthly benefit for the first 12 months. After the benefit waiting period, the insured is considered disabled if they are not working in their regular occupation or any other occupation and they experience a loss of income. The insured must show a loss of time or duties or income during the benefit waiting period, which makes it perfect for business owners, equity partners and others who might not experience an immediate loss in earnings. In addition, professionals in specialized work may benefit from a Recovery Benefit, which provides benefits if the insured returns to work in their own occupation or another occupation but continues to have a loss of income (at least 20 percent) due solely to the previous disability.

Help your clients weigh their coverage needs with the appropriate pricing, then offer a policy that meets their complete needs.