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.
Simplified Underwriting: Proof of Income Requirement Removed for BIR
Simplified Underwriting makes the IDI underwriting process easier. With Simplified Underwriting, applicants don’t provide medical labs or proof of their income, as long as the application meets a few basic rules.
We recently made changes to the program to make it even easier. And to help more of your clients qualify.
Simplified Underwriting Changes
We removed the income-documentation requirement for the Benefit Increase Rider. Before, applicants had to provide proof of income to add the BIR to a Platinum Advantage policy. We no longer require income documentation to add the BIR when using Simplified Underwriting.
We’ve increased the IDI participation limit to $10,000 for all applicants age 18-50. The Standard’s maximum issue amount is $6,000 for applicants aged 18-45. It’s $3,000 for applicants aged 46-50 under the Simplified Underwriting program. Your client may already have IDI in place, with either The Standard or with another carrier. In this case, the combined maximum benefit of the existing IDI plus the coverage applied for can be up to $10,000. This new participation limit is an increase of $4,000 for applicants 45 or younger, and $7,000 for applicants 46-50.
How to Qualify for Simplified Underwriting
We’ll use Simplified Underwriting as long as the applicant:
- seeks a Basic Monthly Benefit equal to or less than $6,000 for applicants aged 18-45 and $3,000 for applicants aged 46-50.
- applies for a Basic Monthly Benefit that's not more than $10,000 when combined with existing IDI.
- works in a job classified as occupation class 2A/2P or higher.
- submits a TeleApp.
How It Works
Have your client complete the TeleApp. That’s it. The TeleApp involves completing a short application and a telephone interview.
If the application meets the criteria, we'll automatically process it under Simplified Underwriting. Once we receive both the application and completed TeleApp interview in the home office, we’ll provide a decision or case status within 48 hours.
Who's a Fit?
Simplified Underwriting is a good fit for a range of clients, such as:
- Recent graduates. Simplified Underwriting is a great fit for clients who will likely earn more in the future. Two good examples? Medical residents and doctors or attorneys in the early stages of their careers. They can lock in quality income protection and the chance to increase coverage in the future through the Benefit Increase Rider. All without providing medical labs or income documentation.
- White-collar clients with group LTD through their employer. These clients may need to protect more of their income than their LTD plan covers. Simplified Underwriting offers a hassle-free and effective way to increase coverage.
- Business owners often have their livelihood, assets and income stream tied to their business. That makes income protection very important. Simplified Underwriting offers business owners a path to valuable coverage without providing labs and income documentation, giving them more time to focus on their business.
Check out the updated Simplified Underwriting flyer for more info.