Business & Finance
Business and Finance
Business and Finance
Wed, November 3, 2010
Tue, November 2, 2010 The Standard Launches Protector PlatinumSM, the Next Generation in Individual Disability Income Insurance
PORTLAND, Ore.--([ BUSINESS WIRE ])--Standard Insurance Company (aThe Standarda), a subsidiary of StanCorp Financial Group, Inc. (NYSE: SFG), announced the launch of Protector PlatinumSM Individual Disability Income (IDI) insurance, available in approximately 20 states to date.
"We believe our new Partial Disability Benefit provision will give them the support, flexibility and encouragement they need while theya™re recovering a" without penalizing them for working as much as theya™re able."
aProtector Platinuma™s base contract is the most comprehensive individual disability income insurance policy in the industry, and wea™ve kept it competitively priced,a said Dawn McMaster, assistant vice president, The Standard.
With todaya™s uncertain economy, protecting income is essential because people may have fewer resources to fall back on if they experience a disability. aTo meet that need, The Standard designed the base Protector Platinum policy with strong built-in benefits to help make disability insurance easier to understand, teach, sell and own,a said Steve Brady, RHU, second vice president, IDI Sales.
Innovative features include the new Protector Platinum Partial Disability Benefit provision. It pays full benefits for the first six months if a disabled insured has a loss of time, duties or income. The Compassionate CareSM Disability Benefit, another industry first, means The Standard will pay disability benefits if the insured has a loss of income while caring for a family member with a serious health condition.
aWea™re committed to helping people return to work after a disability,a McMaster explained. aWe believe our new Partial Disability Benefit provision will give them the support, flexibility and encouragement they need while theya™re recovering a" without penalizing them for working as much as theya™re able.a
Protector Platinum includes the following features with the base contract:
a Full benefits for the first six months are payable for Partial Disability
a aOwn Occupationa definition of disability for all occupations
a Compassionate CareSM Disability Benefit
a Recovery Benefit
a Unlimited Mental Disorder/Substance Abuse Benefit
a Lifetime presumptive benefits
a Medical and legal specialty protection
a Automatic Increase Benefit
Customers also can choose from four riders: Noncancelable, Indexed Cost of Living, Catastrophic Disability and a Future Purchase Option.
Unlike earlier disability income products in The Protector SeriesSMa" The ProtectorSM and The Protector+SM a" Protector Platinum has separate contracts for the IDI and Guarantee Issue markets, tailored to the specific needs of each segment.
aProtector Platinum achieves our goal of making IDI insurance simple to understand and sell to all occupations,a McMaster said.
About The Standard
The Standard is a leading provider of financial products and services. The company serves approximately 7.6 million customers nationwide as of September 30, 2010, with group and individual disability insurance, group life, AD&D, dental and vision insurance, retirement plans products and services, individual annuities and investment advice. For more information about The Standard, visit [ www.standard.com ].
The Standard is the marketing name for StanCorp Financial Group, Inc. and its subsidiaries.
