PORTLAND, OREGON — June 14, 2017 — Standard Insurance Company (The Standard) announced it has launched a Guaranteed Standard Issue version of its new income protection product, Platinum Advantage. Platinum Advantage GSI allows employers to offer highly compensated employees individual disability insurance coverage that can help ensure they can maintain their way of life after experiencing a disabling illness or sickness.
“Group long term disability insurance is a strong foundation for employees, but it can fall short of providing the full scope of income protection many highly compensated employees need,” said Greg Shumavon, senior director of GSI product at The Standard. “While a typical LTD plan is designed to replace up to 60 percent of an employee’s earnings, the actual replacement for higher-income earners can be much lower due to plan limitations. This can make it difficult for an employee to maintain his or her lifestyle after experiencing a disability.”
To help highly compensated employees overcome this potential income-protection gap, employers can offer GSI insurance as part of their employee benefits package. Coverage provides employees with monthly benefits that can be used to pay bills, take care of their families and maintain their current lifestyles if they become ill or injured and can’t earn a paycheck.
There also are a number of advantages for employees to elect income-protection coverage through their employer, including:
- No medical underwriting
- No need to submit financial documentation beyond the company-provided census
- Portable policies that are individually owned
- Identical premium rates for men and women
- Coverage for employees up to age 99
“Selling GSI benefits can help producers stand out from the competition, as they can help clients layer GSI income protection into their comprehensive benefits plans,” said Doug Waters, second vice president of IDI sales at The Standard. “Recommending GSI products also can help producers strengthen client relationships as these benefits are important for employers to attract and retain top talent. Platinum Advantage provides employees with a high-quality product that includes flexibility to meet their individual needs.”
Platinum Advantage GSI plans also include the Family Care Benefit, which pays a monthly benefit to policyholders who experience a loss of income due to taking time off from work to care for a family member (a spouse, parent or child) with a serious health condition. The feature, available with Platinum Advantage GSI policies, is included with every policy at no additional cost.
For more information on Platinum Advantage and a full list of features, producers can visit www.standard.com/di or talk with their general agent.