How The Standard Disability Insurance Can Save Your Life (And Your Wallet)

One of the leading providers of disability insurance in the U.S. is The Standard, a company that has been in business since 1906.

The Standard offers both personal and workplace disability insurance, as well as other products and solutions for individuals and businesses.

An infographic of The Standard Disability Insurance and what it is.
An infographic of The Standard Disability Insurance and what it entails by Michael Ndenga

Disability insurance is a type of coverage that can help you protect your income and lifestyle if you become disabled and unable to work.

It can replace a portion of your earnings, cover your expenses, and provide other benefits and services to help you cope with your disability.

However, not all disability insurance policies are created equal.

In this article, we will review the main features, benefits, and services of The Standard disability insurance, and help you decide if it’s the right choice for you.

Personal Disability Insurance from The Standard

Personal disability insurance is a type of coverage that you buy on your own, either directly from the provider or through a financial professional.

It can supplement or replace any disability insurance that you may have through your employer, or provide coverage if you are self-employed, a business owner, or a freelancer. Personal disability insurance can be customized to fit your needs, preferences, and budget.

The Standard offers two types of personal disability insurance:

  1. Protector Platinum SM
  2. Protector Essential SM.

Both plans can provide monthly benefits of up to 70% of your predisability income, up to a maximum of $20,000.

The benefit period can range from two years to age 67, depending on your age and occupation.

The elimination period, which is the time you have to wait before you start receiving benefits, can be 30, 60, 90, 180, or 365 days.

The main difference between the two plans is the definition of disability.

Protector Platinum SM uses a true own-occupation definition, which means that you are considered disabled if you can’t perform the material and substantial duties of your regular occupation, even if you are working in another occupation.

Protector Essential SM uses a modified own-occupation definition, which means that you are considered disabled if you can’t perform the material and substantial duties of your regular occupation and you are not working in another occupation.

An infographic showing a brief summary of Personal disability insurance in The Standard Disability Insurance by Michael Ndenga
An infographic showing a brief summary of Personal disability insurance in The Standard Disability Insurance by Michael Ndenga

Both plans offer optional riders and benefits that can enhance your coverage, such as:

  • Residual Disability Benefit Rider: This rider can provide partial benefits if you suffer a loss of income due to a disability, even if you are still working in your occupation or another occupation.
  • Cost of Living Adjustment Rider: This rider can increase your monthly benefit each year to keep up with inflation, based on the Consumer Price Index.
  • Catastrophic Disability Benefit Rider: This rider can provide an additional benefit if you suffer a severe disability that prevents you from performing two or more activities of daily living, such as bathing, dressing, eating, toileting, transferring, or continence.
  • Future Purchase Option Rider: This rider can allow you to increase your coverage in the future without having to provide evidence of insurability, subject to certain conditions and limits.
  • Noncancelable and Guaranteed Renewable Rider: This rider can guarantee that your policy will not be canceled, your premiums will not increase, and your benefits will not decrease, as long as you pay your premiums on time and meet the terms of the policy.

Workplace Disability Insurance from The Standard

Workplace disability insurance is a type of coverage that you get through your employer, either as a part of your employee benefits package or as a voluntary option that you can choose to enroll in.

It can provide a basic level of protection for your income if you become disabled and unable to work.

Workplace disability insurance can be more affordable and accessible than personal disability insurance, as you may not have to undergo medical underwriting or pay the full cost of the premiums.

The Standard offers two types of workplace disability insurance:

  1. Short Term Disability
  2. Long Term Disability

Both plans can replace up to 70% of your pre-disability earnings, up to a maximum of $25,000 per month.

The benefit period and the elimination period can vary depending on your employer’s plan design and your eligibility.

Short Term Disability can help you pay the bills if you become disabled and can’t work for a short period, typically up to 26 weeks.

Long Term Disability can help you pay the bills if you become disabled and can’t work for a longer period, typically until you reach your normal retirement age or a specified number of years.

Both plans also offer features, benefits, and services that can help you cope with your disability and return to work, such as:

  • Workplace Possibilities SM Program: This program can provide proactive, whole-person support to help you stay at or return to work as safely and quickly as possible. It can include a dedicated consultant who can reach out to you, create a return-to-work plan, provide accommodation options, coordinate benefits, and help you meet the requirements of the Americans with Disabilities Act Amendments Act.
  • Employee Assistance Program: This program can support personal or workplace challenges, whether or not you have filed a claim. It can include short-term problem-resolution counseling and referrals for emotional, financial, and legal issues. This program is available to you and your family members.
  • Health Advocacy Service: This service can provide personal health advocates who can help you navigate the health care system and resolve health care hassles. Advocates can help you explain medical plans, make sense of doctor bills, compare services, schedule appointments, and more.

How to Choose the Right Disability Insurance for You

Disability insurance can be a valuable investment for your financial security and well-being.

But not all disability insurance policies are the same. Some may offer more features, benefits, and options than others. Some may suit your needs, preferences, and budget better than others. That’s why it’s important to compare different plans and providers before you buy.

The Standard is one of the leading providers of disability insurance in the U.S., with a reputation for quality, reliability, and customer service.

It offers both personal and workplace disability insurance, as well as other products and solutions for individuals and businesses.

The Standard disability insurance can provide you with income protection, expense coverage, and other benefits and services to help you cope with your disability and return to work.

Factors to Consider When Choosing The Standard Disability Insurance

  • Your income and expenses: How much of your income do you need to replace if you become disabled and unable to work? How much can you afford to pay for premiums? How much do you have in savings and other sources of income?
  • Your occupation and risk: How likely are you to become disabled due to your occupation or lifestyle? How long do you expect to be out of work if you become disabled? How easy or difficult would it be for you to find another job or occupation if you can’t return to your current one?
  • Your coverage and options: What type of disability insurance do you have or want to have? Personal or workplace? Short term or long term? Own-occupation or modified own-occupation? What optional riders and benefits do you want to add to your policy? What features, benefits, and services do you value the most?
  • Your provider and policy: Who is the provider of your disability insurance? How reliable, reputable, and trustworthy are they? How easy or difficult is it to file a claim and receive benefits? How flexible and customizable is your policy? How clear and transparent are the terms and conditions?

By comparing these factors, you can determine which disability insurance policy and provider best suit your needs, preferences, and budget.

You can also consult a financial professional who can help you evaluate your options and make an informed decision.

Conclusion

The Standard is one of the leading providers of disability insurance in the U.S., offering both personal and workplace disability insurance, as well as other products and solutions for individuals and businesses.

It can provide you with income protection, expense coverage, and other benefits and services to help you cope with your disability and return to work.

But not all disability insurance policies are the same. Some may offer more features, benefits, and options than others. Some may suit your needs, preferences, and budget better than others. That’s why it’s important to compare different plans and providers before you buy.

The Standard disability insurance can be a valuable investment for your financial security and well-being. But is it the right choice for you? Find out by comparing different plans and providers today.

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