Meet More Income Protection Needs With Platinum Advantage
Family Care Benefit
Start conversations with a new group of clients by introducing the Family Care Benefit, offered exclusively by The Standard. This benefit appeals to clients with children, those in the sandwich generation and many caregivers, who may be concerned about taking time away from work to care for elderly parents, a spouse or a child.
Why is this benefit important to your clients? Approximately 43.5 million people in the United States provide unpaid caregiving services to loved ones, according to the Family Caregiver Alliance.1 Caring for an ill or injured family member can cause physical, emotional and financial stress as caregivers struggle to maintain jobs, and keep up with household and family duties. In fact, almost half of leave takers return to work earlier than desired because they cannot afford more unpaid time off.2
The built-in Family Care Benefit, which is exclusive to The Standard, helps ease this financial burden. It provides a benefit if the insured works at least 20 percent fewer hours and suffers at least a 20 percent loss in pay due to caring for a family member who has a serious health condition. The Family Care Benefit pays benefits in proportion to the insured’s loss of income, up to a maximum of six times the monthly benefit.
Provide your clients with an income protection plan that helps them take care of their families with Platinum Advantage.
Platinum Advantage flexibility offers you the following optional riders to match your clients’ needs and budgets.
Renewability
All Platinum Advantage policies include the Guaranteed Renewability feature at no cost. This means The Standard guarantees the renewal of coverage, as long as the premiums are paid on time. The Standard cannot cancel the policy, except by policyowner request, and the premium rate cannot be changed for three years.
Clients who wish to lock in premium rates for the life of the policy can upgrade to the Noncancelable Policy Rider.
Mental Disorder and Substance Abuse Claims
In Platinum Advantage, there is no built in limitation for claims due to a mental disorder or substance abuse for top occupations. For lower occupation classes, benefits are limited to two years.
Definition of Disability
Platinum Advantage’s built-in Regular Occupation definition of total disability means policyowners will be eligible for benefits if they are disabled and cannot perform the duties of their regular occupation. Specialty wording for medical and dental professionals is included. Some professionals may wish to upgrade to the Own Occupation Rider. This rider offers the highest definition of disability: benefits may be payable if policyowners become disabled and cannot perform the duties of their regular occupation, even though they may be working in another gainful occupation. This rider retains specialty wording for medical and dental professionals, and adds specialty wording for trial attorneys.
Highly specialized medical and dental professionals, as well as trial attorneys and other highly specialized professionals, may wish to upgrade to the Own Occupation Rider.
Residual Disability Rider
Provide your clients a benefit if they are partially disabled, rather than totally disabled, based on loss of income, duties and/or time. Platinum Advantage comes with three residual benefit options – Enhanced, Basic and Short-Term.
Student Loan Rider
Give your clients who have outstanding student loans some peace of mind in case they become totally disabled. The Standard will pay a student loan benefit in the amount paid under a student loan agreement, up to a stated maximum amount. This can help ensure that clients won’t fall behind in student loan payments after a totally disabling injury or sickness. Available to physicians and dentists.
Customize Platinum Advantage for Each Client
By adding optional riders to the already-strong built-in provisions of Platinum Advantage, you can craft the right product at the right price for a broad range of clients. Find more information, including marketing materials and sales aids, at www.standard.com/di.
For Producers Only