After the fallout in the disability insurance market, Standard Insurance Company emerged as just one of six carriers that continue to offer disability insurance products specifically designed for the medical and dental communities. The new Standard disability insurance policy – Protector Platinum -provides a comprehensive set of disability insurance benefits including:
- An Own Occupation definition of disability that applies to all occupation classes and specialties.
- A Compassionate Care Benefit that pays a monthly benefit if an insured suffers a loss of income of 20 percent or more while taking care of a loved one with a serious health condition.
- An automatic increase of 4 percent in the monthly benefit for insureds under the age of 60
- A Total Disability Presumption for the loss of sight, speech, hearing or the use of two limbs due to an injury or illness.A Residual Disability Benefit that will pay 100 percent of the monthly benefit for the first six months.
- Recovery Benefit that will pay monthly benefits if the insured continues to experience a loss of income after returning to work.
- No limitation on benefits payable as a result of a disability caused by mental disorders or substance abuse.
- A Survivor Benefit payable for three months beyond the date of the insured’s death if it occurs during a period of disability or recovery.
The Standard’s Protector Platinum Disability Insurance policy has all of the components along with several riders to create a tailored solution for maximum disability income protection.
StanCorp Financial Group, Inc., through its subsidiaries marketed as The Standard — The Standard Life Insurance Company of New York,Standard Insurance Co., StanCorp Investment Advisers, Standard Retirement Services, StanCorp Real Estate, StanCorp Equities and StanCorp Mortgage Investors — is a major supplier of financial products and services. StanCorp’s subsidiaries serve approx. 8.2 million customers nationwide as of September 30, 2009, with group life, group and individual disability insurance, accidental death and dismemberment, retirement plans, products and services, dental insurance, individual annuities and investment advice.