Income Protection

We can help protect your paycheck if you’re unable to earn your usual income due to a serious illness or injury. Platinum Advantage, The Standard's new individual disability insurance product, can complement your long term disability insurance, helping to cover a much larger portion of your salary. With features tailored to meet your occupation and income, you’ll have the peace of mind knowing your finances are secure.

What Makes Platinum Advantage Unique?

Family Care Benefit

The Family Care Benefit lets you take time away from work to care for a child, parent or spouse with a serious health condition. This benefit is exclusive to The Standard and provides a monthly benefit for an income loss of 20 percent or greater, reducing the financial impact of income loss and medical expenses when caring for a family member.1

Recent research shows the need for benefits that help individuals faced with caring for seriously ill family members:

  • 23 percent of adults ages 45 to 64 care for an aging adult.2
  • About one in five caregivers report experiencing financial strain as a result of providing care.3

What Makes Platinum Advantage Flexible?

No-Cost Riders

Automatic Increase Benefit Rider

Ensure that your coverage keeps up with annual merit increases in your income. This rider automatically provides basic monthly benefit increases of 4 percent each year, for six consecutive years, without evidence of insurability.

Benefit Increase Rider

The Benefit Increaser Rider gives you the option to purchase additional coverage once every three years on your policy anniversary, without going through medical underwriting. This rider provides you with greater benefits so your coverage can grow as career advancement, job changes and promotions cause your income to rise. You may also apply for an accelerated increase prior to the third anniversary, if you meet eligibility requirements stated in the rider.

Optional Riders

Own Occupation Rider

For highly specialized professionals, the Own Occupation Rider offers coverage if you become disabled and are unable to perform the substantial and material duties of your regular occupation, even if you can work in another occupation for wage or profit.4

Residual Disability Rider

The Residual Disability Rider provides a benefit if you are residually disabled, rather than totally disabled, based on loss of income, duties and/or time. Platinum Advantage comes with three residual disability benefit options.

 

Ask About Income Protection Today

Talk to your financial advisor about income protection options.

 

1 Family members include a client’s spouse or domestic partner, parents and children (including adopted children, stepchildren and children of the client's domestic partner).

2 5 facts about family caregivers; Pew Research Center; November 18, 2015;http://www.pewresearch.org/fact-tank/2015/11/18/5-facts-about-family-caregivers

3 Caregiving in the U.S.; National Alliance of Caregiving and AARP Public Policy Institute; June 2015; http://www.aarp.org/content/dam/aarp/ppi/2015/caregiving-in-the-united-states-2015-report-revised.pdf

4 Your regular occupation is the occupation in which you’re regularly engaged at the time your disability begins and can include a professionally recognized specialty in medicine or dentistry or as a trial attorney.

You Won't Find This Level of Protection Anywhere Else

As experts in disability insurance, we see on a daily basis how important quality disability income protection is to the customers who count on us.

Protector PlatinumSM individual disability income insurance replaces a portion of your income if you become disabled and includes a comprehensive set of benefits you won't find elsewhere.1 In fact, the base policy includes features for which other carriers charge additional premium, or may not offer at all, such as:

  • Coverage if you lose income while caring for a Loved One2
  • Full benefit payments for up to six months after you become partially disabled.

Included in the Protector PlatinumSM Policy

  • Total Disability Benefit
    The policy will pay you benefits if you cannot work in your own occupation because of a total disability, as defined by the policy. After an initial waiting period, your benefits begin when you cannot perform the usual duties of your occupation because of a sickness or injury and you are under the care of a physician.
  • Own Occupation Definition of Disability
    With every Protector Platinum policy, the Own Occupation definition of disability truly applies to all occupation classes. So, if you have narrowed your practice to a professionally recognized specialty in medicine or law, for example, then that speciality is considered your own occupation.
  • Compassionate CareSM Benefit
    We pay benefits if you have a loss of income while caring for a Loved One with a serious health condition. A Loved One includes a parent, spouse, domestic partner, and child, including an adopted child, stepchild and child of a domestic partner.
  • Automatic Increase Benefit
    For individuals under age 60, we raise the policy's basic monthly benefit by 4 percent each year during the increase period without evidence of insurability.
  • Presumptive Total Disability Benefit
    If you permanently lose your hearing, speech, sight or use of two limbs, we will presume that you are totally disabled and pay benefits beginning on your first day of loss.
  • Partial Disability Benefit
    If you are partially disabled, the policy will pay 100 percent of the basic monthly benefit for the first six months of partial disability regardless of the income the earned while returning to work. Afterward, we pay a portion of the benefit based on the amount of income lost that month.
  • Choice of Maximum Benefit Amount and Commencement Date
    If you are partially disabled, the policy will pay 100 percent of the disability benefit for the first six months regardless of the income the earned while returning to work. Afterward, we pay a portion of the benefit based on the amount of income lost that month.
  • Rehabilitation Benefit
    If you participate in a rehabilitation program to prepare for returning to full-time work, we'll pay for part or all of the costs.
  • Recovery Benefit
    After you recover from the disability, we pay recovery benefits if you continue to experience a loss of income due to the injury or sickness that caused the disability.
  • Unlimited Coverage for Mental Disorder and/or Substance Abuse
    There are no coverage limitations on the benefits we pay for disabilities caused by mental disorder or substance abuse.
  • Survivor Benefit
    We'll pay a survivor benefit for three months beyond the date of your death, if you die while disability or recovery benefits are payable.
  • Cosmetic or Transplant Surgery Benefit
    We pay a monthly benefit if you are disabled more than six months after the policy's effective date because of a sickness or injury caused by cosmetic or transplant surgery.
  • Waiver of Premium Benefit
    We waive all premiums due under the policy while disability or recovery benefits are payable.
  • Guaranteed Renewable
    Coverage is guaranteed renewable to the termination date (the policy anniversary after age 67) as long as the premium is paid on time. We will not change any part of the policy, except for the premium. Even then, we may only change the premium after the policy is three years old and if the change applies to all policies with similar benefits insuring the same risk class.

Optional Riders

  • Future Purchase Option Rider
    As you advance in your career, your income will likely increase. This option allows you to purchase increases in your coverage once per year without medical evidence of insurability.
  • Noncancelable Rider
    This rider locks in premium rates as long as the premiums are paid by the end of each grace period.
  • Indexed Cost of Living Rider
    With this rider, the monthly benefit will increase by up to 3 or 6 percent annually while your client remains disabled, based on changes in the Consumer Price Index.
  • Catastrophic Disability Rider
    We pay an additional monthly benefit if you suffer a catastrophic disability that prevents you from performing normal daily activities without assistance, as defined by the policy.

 

Do You Already Have Long Term Disability (LTD) Through Your Employer?

By combining Protector Platinum individual disability income insurance with your group LTD coverage, you can take home a much larger portion of your income if you become disabled as the illustration below shows.

LTD Benefits Plus IDI

LTD benefits are usually taxable, so a typical LTD policy that covers 60 percent of income may replace only 45 percent of pre-tax earnings.3 When you add Protector Platinum to your LTD benefits, you can protect a substantially larger percentage of your income.

Ask About Income Protection Today

Request a no-obligation quote or ask your insurance representative about income protection from The Standard today.

 

1 Protector Platinum is not yet available in every state. Ask your insurance representative if Protector PlatinumSM or Protector+SM is available where you live.

2 A Loved One includes a parent, spouse, domestic partner, and child, including an adopted child, stepchild and child of your domestic partner.

3 Assumes a 25 percent tax bracket.

The Standard designed Protector EssentialSM individual disability income insurance to be an affordable way to protect your most fundamental assets in the event of a long-term injury or illness — so you can focus on recovering and rebuilding a productive work life.

Included in the Protector EssentialSM Policy

  • Policy Renewability and Premiums1

    Your coverage is guaranteed renewable to the policy's termination date as long as you pay the premium on time. We will not change any part of the policy, except for the premium. Even then, we may only change the premium after the policy is three years old and if the change applies to all policies with similar benefits insuring the same risk class.

  • Renewable for Life (Renewal Option)

    With the Renewal Option, you may ask to continue the policy beyond its termination date if you are working at least 30 hours per week and are not disabled at the time of your request. Certain limitations apply.

  • Total Disability Benefit

    The policy pays a monthly benefit if you cannot work in your regular occupation because of a total disability. A total disability is when, because of your injury or sickness, you are not able to perform the substantial and material duties of your regular occupation, and you are under the care of a physician, and you are not working in any other gainful occupation. Benefit payments begin after you have been totally disabled through the waiting period that you selected when you applied for insurance.

  • Presumptive Total Disability Benefit

    You are eligible for the total disability benefit if an injury or illness results in loss of speech, hearing, sight or the use of two limbs, as defined by the policy.

  • Rehabilitation Benefit

    If you participate in a rehabilitation program to prepare for returning to work, this benefit can pay for part or all of the costs for up to 36 months. And if you return to work part-time or with limited duties while in the rehabilitation program, the Rehabilitation Benefit can also help you to continue to receive the maximum monthly benefit amount.

  • Residual Disability Benefit

    This benefit pays a monthly amount if you are not totally disabled but you incur at least a 20 percent loss of income because you are not able to do all of your duties, or you are able to do all of your duties but for not as long a time or not as effectively as before your disability. Included with this benefit is a Recovery Benefit that pays a lump sum amount when you return to work at least 30 hours per week immediately after a period when residual disability benefits were paid.

  • Survivor Benefit

    If you die while receiving total disability benefits, we will pay the policy's basic monthly benefit to the owner or owner's estate for up to three months after your death.

  • Waiver of Premium Benefit

    We waive all premiums due under the policy while disability or recovery benefits are payable.

  • Cosmetic or Transplant Surgery Benefit

    We pay a monthly benefit if you become totally disabled more than six months after the policy's effective date because of a sickness or injury caused by cosmetic or transplant surgery.

Optional Riders

  • Future Purchase Option

    As you advance in your career, your income will likely increase. This option allows you to purchase increases in your coverage once per year without medical evidence of insurability.

  • Indexed Cost of Living Rider

    With this rider, the monthly benefit will increase by up to 3 or 6 percent annually while you remain disabled, based on changes in the Consumer Price Index. You also have the option, upon your recovery, of purchasing the increased benefit amount provided by this rider while you were disabled. No underwriting is required for this purchase.

  • Catastrophic Disability Rider

    We pay an additional monthly benefit if you suffer a catastrophic disability that prevents you from performing certain activities of daily living, as defined in the policy.

Ask About Income Protection Today

Request a no-obligation quote or ask your insurance representative about income protection from The Standard today.

 

1 For insureds born on or before 12/31/1956, the normal policy termination date is the policy anniversary on or following the 66th birthday. For other insureds, it is the policy anniversary on or following the 67th birthday.