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Standard Ins Co. Protector+ vs. Platinum

Protector+ vs. Platinum

Standard Insurance Company – Disability Insurance Product Portfolio (2011)

Policy Provision

Current Product (Protector+)

New Product (Platinum)

Platinum’s Advantage

Definition of Disability

Modified Own Occupation is standard in the contract, True Own Occupation is available for select occupations at an additional premium.

True Own Occupation is standard in the contract for ALL occupations

ALL occupations now have the strongest definition of disability available. There is no benefit offset if a disabled policy owner returns to a separate line of work, regardless of earnings.

Partial (Residual) Disability

Pays a percentage of the benefit amount based on the percentage of lost income for all months on partial disability.

Pays 100% of the total disability disability benefit for the first six months of a partial disability, then pays a percentage of the benefit amount based on the percentage in lost income.

Claimants who collect benefits under a partial disability may now return to work without fear of substantial lost income due to lost time and/or duties.

Full-Time Recovery Benefits

Pays six times the last total or partial disability payment (whichever applies) in a single lumpsum when returning to work full-time and suffering a loss of income greater than 20%.

Pays a percentage of the benefit amount based on the percentage of lost income for all months where a loss of income of at least 20% to pre-disability earnings exists after returning to full-time work. Payable until the end of the policy’s benefit period.

Claimants no longer are subject to a very short term full-time recovery benefit. This allows several occupations to continue to collect benefits if they suffer a loss of income after fully healed.

Compassionate Care Benefit

Not included.

Will pay if an insured suffered a loss of 20% or greater hours worked while caring for a loved one with a serious illness or injury. This is capped at six times the total disability benefit.

Now a primary wage earner can maintain income if they loose work time while caring for a parent, child, spouse, domestic partner or child of domestic partner.

Mental Disorder and Substance Abuse Benefit

Limited to a maximum of 24-months unless institutionalized.

No longer limited. Claims of this nature will be paid (with an own occupation definition) through the end of the benefit period.

Claimants are no longer limited to 24-months for claims related to mental disorders such as depression, obsessive compulsive disorder or bipolar disorder to name a few.

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