The Standard is a trusted disability insurance provider known for its strong coverage options. For physicians, these plans can be a big help if an unexpected disability keeps you from working. Before deciding, take a look at what The Standard offers to find the best fit for you.
The Standard: Company Overview
The Standard was founded in 1906 as Oregon Life Insurance Company and has merged with Meiji Yasuda Life Insurance Company of Japan in 2016. The Standard name includes various insurance providers and financial groups, including Standard Insurance Company and StanCorp Financial Group, Inc. The Standard employs over 4,200 personnel and manages over $66 billion in assets.
The Standard Insurance Financial Ratings
According to A.M. Best Company, Moody’s and S&P, The Standard insurance standings are strong overall. A.M. Best places The Standard at A, 3rd of 13 ratings, with an excellent financial strength. Moody’s ranks the company at 5th of 21 with a good financial rating of A1, and S&P ranks them 5th of 20 with a strong financial rating of A+. Altogether, these standings point to The Standard being a financially stable insurance provider. These rankings are as of February 2024 and are subject to change.
The Standard Disability Insurance Products
The Standard offers individual disability insurance, named Platinum Advantage, for disability coverage. This coverage allows the policyholder to earn monthly disability benefits when they are unable to work. The terms for these benefit payouts are dependent on the riders a policyholder chooses for their coverage.
Let’s discuss The Standard’s Platinum Advantage individual disability insurance.
The Standard Disability Insurance Riders
The Platinum Advantage policy offers you to add multiple riders for disability coverage to make it more advantageous for your needs.
Own Occupation Rider
You’ll receive full disability benefits if you can’t perform the key duties of your own occupation or medical specialty, even if you choose to work and earn money in a different field. This is called True Own Occupation, and it offers the best flexibility and financial protection for physicians who may want to explore other careers while being unable to work in their primary specialty.
Noncancelable Policy Rider
We recommend choosing a disability insurance policy that is noncancelable and guaranteed renewable. This ensures the insurance company cannot cancel your policy or raise your premiums, except when you increase your benefit amount.
To make sure your Standard policy is both noncancelable and guaranteed renewable, you’ll need to add the noncancelable rider. Without it, The Standard can’t change or cancel your policy, but premium rates may change after three years, applying to all policies in the same risk class, like occupation, gender, or tobacco use.
Residual Disability
The residual disability rider provides benefits if you’re partially disabled and have lost at least 20% of your income. The Standard offers two options:
- Basic Residual Disability Rider: You must have a 20% loss of income and meet time or duty requirements during and after the elimination period to qualify for partial disability.
- Enhanced Residual Disability Rider: During the waiting period, you need a 20% loss of income, duties, or time. After that, you can qualify for benefits with a 20% income loss, regardless of any loss of duties or time.
Indexed Cost of Living
This optional rider helps your disability benefits keep pace with inflation while you are disabled. Depending on your choice, your benefit can increase by a maximum of 3% or 6%. The actual increase will be based on the Consumer Price Index for All Urban Consumers (CPI-U) for that year, but it will not fall below 0%.
Catastrophic Disability Benefit
If you face a catastrophic disability, this optional rider provides an extra benefit on top of your base monthly benefit. This additional amount is intended to help cover the higher expenses associated with your disability. A catastrophic disability includes severe cognitive impairment, a presumptive total disability, or the inability to perform two or more activities of daily living.
Student Loan Rider
Receive a student loan benefit to reimburse you for your monthly student loan expenses if you become totally disabled. This benefit will be payable on top of any other disability benefits within the policy.
Benefit Increase Rider
If your income increases, you may be eligible to buy more coverage in three-year intervals, even if your health has changed. The maximum benefit you can qualify for will depend on your current income and any other disability coverage you have at that time.
Automatic Increase Benefit
This rider automatically increases your policy’s basic monthly benefit by 4% each year for the first six years. As your benefit increases, your premiums will also rise. However, these automatic increases won’t occur while you’re receiving disability benefits.
Built-in Benefits of Standard’s Disability Insurance
The Standard includes several unique built-in features in their Platinum Advantage disability insurance product. Take a look at the details below, but keep in mind that the availability of these benefits may vary by state.
Rehabilitation Benefit
While you’re disabled, you have the option to participate in a voluntary rehabilitation program to help you recover. If approved, The Standard will pay the reasonable costs of the program and can include modifications to your workplace, vehicle or home, training and education, etc.
Family Care Benefit
The Platinum Advantage policy from The Standard includes a unique family care benefit. You can qualify for this benefit if you take time off work to care for a family member with a serious health condition, work at least 20% fewer hours, and lose 20% or more of your income. Eligible family members include your spouse or domestic partner, parents, and children. You can claim this benefit for up to two separate occasions, receiving a total amount equal to six times your policy’s base monthly benefit.
Suspension During Military Service
As a Standard policyholder, you qualify for policy suspension if you are on full-time active duty in the military. During this suspension, you will not owe premiums to the company, but you will also have no coverage. However, you can resume coverage within five years of the start of your suspension if your service ends in that time. You do not need to show evidence of insurability to resume within this period.
Survivor Benefit
If a policyholder dies while receiving disability benefits, The Standard will pay a survivor benefit equivalent to three times the basic monthly benefit.
Premium Waiver Benefit
All premiums under the policy will be waived when you receive any disability benefits.
Presumptive Disability Benefit
If you permanently lose your speech, sight in both eyes, hearing in both ears, use of both hands, use of both feet, or use of one hand and one foot, Standard will pay the full benefit for total disability.
Learn More About The Standard Coverages at DrDisabilityQuotes.com
As a physician, you want disability coverage that represents your needs. DrDisabilityQuotes.com makes it easy for you to compare coverages from various trusted providers, including The Standard. Our analysis of the disability insurance coverages is truly unbiased — we have no associations with any one insurer. Compare coverages and select the right one for you with confidence. Our team can walk you through the application process as well.
Request a quote today to get started.
