Transition Rules

Platinum Advantage Transition Rules for New York, Connecticut, Delaware, DC, Montana, North Dakota and South Dakota

Fully Underwritten Applications

Effective June 1, 2018, applications for Platinum Advantage may be completed in the above mentioned states using the new Platinum Advantage application and supplemental forms.

During a 30-day transition period, you may complete applications for Protector PlatinumSM, Protector EssentialSM or Platinum Advantage. Applications for Protector Platinum and Protector Essential policies must be completed and signed by the applicant and producer by July 1, 2018. You must use the Protector Platinum/Protector Essential application for these products and submit it to The Standard’s home office no later than August 1, 2018.

Applications pending approval or approved but policy not issued for delivery  

If, on June 1, 2018, your client's application has been approved, but not issued for delivery, or if the application is pending underwriter approval, you may request the Platinum Advantage product. However a new Platinum Advantage application must submitted to the home office before the policy can be issued for delivery. 

For applications currently approved but not issued for delivery:

o   Immediately notify your case manager that you wish to change the policy to Platinum Advantage.

o   We will place the policy on hold while we wait for the new application. The new application must be received in the home office by, June 15, 2018.

For applications still being underwritten:

o   Immediately notify your case manager that you wish to change the application to Platinum Advantage.

o   We will continue underwriting. The new Platinum Advantage application must be received in the home office before we will issue a policy for delivery.

Policies

Policies Pending Delivery or Recently Accepted

If the policy is pending delivery or was accepted by the insured with an effective date on or after May 1, 2018, you may request the policy be reissued on Platinum Advantage. 

A new Platinum Advantage application will be required1 and may be subject to additional underwriting. The reissue request must be received in the home office by, June 15, 2018. Please contact your case manager with questions. 

First-year commissions will be adjusted as appropriate based on the difference between the new Platinum Advantage premium and the premium on the previous product.

Policies Accepted by the Insured Before May 1, 2018

If an insured accepted a Protector Platinum or Protector Essential policy before May 1, 2018, and would prefer a Platinum Advantage policy, the existing policy will be terminated and a new policy will be issued with a current effective date. This will require full underwriting as a Cancellation/Replacement.

Platinum Advantage first-year commissions will be paid only on premium for the new policy that is in excess of the premium for the policy being replaced.

Future Purchase Option and Other Policy Increases

Pending Increase Options on June 1, 2018 with Effective Dates May 1, 2018 or After

You may request the increase be issued as Protector Platinum, Protector Essential,2 Protector+ for GME or Platinum Advantage.

For pending increase options requesting Platinum Advantage, you must submit a Platinum Advantage application.3  

Please notify your in force case manager immediately of the intent to change to Platinum Advantage. The request must be received in the home office by June 15, 2018.

Increase Options with Effective Dates Between May 1 – Aug 28 Not Yet Applied For

You may request the increase be issued as Protector Platinum, Protector Essential,2 Protector+ for GME or Platinum Advantage.

Increase option applications for Protector Platinum, Protector Essential2 or Protector+ for GME may be submitted for increases with effective dates before Sept. 1, 2018. Applications and required income documentation must be received in the home office no more than 30 days after the Increase Option date.

To request a Platinum Advantage increase, you must submit a Platinum Advantage application.3  

Active Increase Options

Platinum Advantage is not available for increase options with effective dates before May 1, 2018. 

Increase Options with Effective Dates after Sept. 1, 2018

All increase options with effective dates Sept. 1, 2018 and after will require a Platinum Advantage Increase Option Application and will be issued as Platinum Advantage.

Gender Neutral vs. Gender Distinct

We will apply gender neutral rates on the Platinum Advantage increase if the base policy was issued as gender neutral.

We will apply gender distinct rates on the Platinum Advantage increase if the base policy was issued as gender distinct.

For questions regarding increase options, please contact your in force case manager or DIChanges@standard.com.

1  Platinum Advantage cannot be issued using the Protector Platinum/Protector Essential application.  

2  Protector Essential is available as an increase option on only Protector Essential base policies.

3  Platinum Advantage cannot be issued as an increase using the Protector Platinum/Protector Essential Increase Option Application.