Standard Insurance Company has collaborated with The Standard Life Insurance Company of New York to roll out new Individual Disability Insurance (IDI) products in New York and Connecticut.
The product line up, including Platinum Advantage and Platinum Advantage Guaranteed Standard Issue (GSI), have been designed to enable individuals protect their income after facing a disabling illness or injury.
Platinum Advantage can be customised as per the needs of the insured. It offers a guaranteed renewable contract as well as two riders – including an Automatic Increase Rider and a Benefit Increase Rider – to help policies keep pace with salary increases. Both the riders are built into eligible policies and do not impose additional charges.
Apart from the above mentioned riders, Platinum Advantage also offers more riders, including residual disability riders, a non-cancelable policy rider, an own occupation rider, an indexed cost of living benefit rider and a catastrophic disability benefit rider.
Platinum Advantage GSI can be used as a recruiting and retention tool by New York and Connecticut employers for highly compensated staff. Its policies provide employers enhanced riders, including three residual disability riders, an own occupation rider, a regular occupation definition of disability rider, an indexed cost of living benefit rider and a catastrophic disability benefit rider.
The Standard assistant vice president of IDI Jeremy Horner said: “With the launch of Platinum Advantage and Platinum Advantage GSI in New York and Connecticut, clients can find a fresh approach to IDI that allows for customised coverage specific to their needs and protection for the lifestyle they’ve worked so hard to build.”
Standard Insurance Company is licensed to seek insurance business in all states except New York, whereas The Standard Life Insurance Company of New York is licensed to solicit insurance business only in the New York state.