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.
Recommend Own Occ to Specialized Professionals
Highly specialized professionals, such as physicians, dentists and trial attorneys, can be at higher risk of an injury or illness impeding their ability to perform their specialized work. That’s why adding the Own Occupation Rider to Platinum Advantage’s already strong and comprehensive base policy is an important option. The Own Occupation Rider can provide protection for income earned in a specialty.
Total Disability Definition Is Key
The definition of total disability is the cornerstone of any income protection insurance policy. The Platinum Advantage policy’s base definition of total disability requires policyowners meet three criteria to receive benefits. They’ll receive full monthly benefits if, due to injury or sickness, they are:
- Unable to perform the substantial and material duties of their regular occupation
- Under the regular care of a physician appropriate for their injury or sickness
- Not engaged in any other job or occupation for wage or profit
If your clients become disabled, their current occupation(s) at the time of disability will be considered their regular occupation.
Own Occupation Rider Offers Future Flexibility
The Own Occupation Rider changes the policy's definition of total disability. It removes the last requirement — not engaged in any other job or occupation for wage or profit. With the Own Occupation Rider, your clients could work in another job or specialty and still be considered totally disabled — and may qualify for full monthly benefits. This rider is available to occupation classes 3A/3P/3D and higher.
Protection for Physicians, Dentists and Trial Attorneys
Both the policy’s base total disability definition and Own Occupation Rider include specialty language for physicians and dentists. Under the Regular Occupation definition, physicians and dentists are considered totally disabled if they've limited their practice to a single, recognized specialty and can't perform that specialty.
However, if they purchase the Own Occupation Rider, they may be able to work in another occupation or specialty and still collect benefits. The duties performed in the new occupation must be different from the duties performed in their regular occupation. The Own Occupation Rider extends specialty language to trial attorneys as well.
Why Own Occ Matters
With the Own Occupation Rider, your highly specialized clients may be able to collect total disability benefits if they’re unable to perform the duties of their regular occupation but choose to work in another job. Without this rider, they would have to choose between collecting a disability benefit or working.
Consider these examples of what may happen at claim time*:
|Trial attorney||Platinum Advantage with Own Occ Rider||In-house counsel||Continues to receive full monthly total disability benefits while earning income in another occupation|
|Hand surgeon||Platinum Advantage with Own Occ Rider||Adjunct professor at medical school||Continues to receive full monthly total disability benefits while earning income in another occupation|
|Anesthesiologist||Platinum Advantage; built-in Regular Occ definition of disability||Pain management||Received benefits under the Regular Occupation definition until returning to work in another occupation|
* Examples are based on Platinum Advantage coverage and benefits. They’re for illustration purposes only and may not reflect actual claim experiences.
Share the Platinum Advantage Consumer Brochure (use this in CT, DE, DC, FL, MT, NY, ND, SD) (use this in CA) to show your clients how Platinum Advantage and the Own Occupation Rider could work for them.
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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