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.
Top 3 Reasons You Need a Residual Rider
Every income protection policy needs a residual rider. Here’s why:
Top Three Reasons a Residual Rider Is a Must-Have
Check out real-life examples in the Claims Paid by The Standard flyer. It shows partial or residual disability benefits paid to claimants for some or all of the payment period.
To learn more about the three types of Residual Disability riders available with The Standard’s Platinum Advantage income protection insurance, see the Residual Rider Comparison flyer.
- If your clients can work only part time, they’ll still need their full-time incomes. If a policyowner becomes sick or injured but is still able to work part time, a residual disability benefit can help fill the resulting income gap.
- Policyowners on disability claim may need to return to work slowly, working part time as they recuperate. Some policyowners collect total disability benefits at first and then receive residual disability benefits. This allows them to work part time as they regain their health — and still collect benefits to offset lost income.
- The recovery benefit can keep your clients’ incomes whole if they still suffer an earnings loss after returning to work full time. The Enhanced and Basic Residual Disability riders with Platinum Advantage include a recovery benefit. This benefit is for policyowners who return to work for as many hours as worked before the disability, but still suffer an earnings loss of at least 20% due to the previous injury or sickness.
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.