The Platinum Advantage disability insurance policy from The Standard is a highly flexible product designed to provide comprehensive income protection, particularly appealing to medical professionals and other high-income earners.
Key Features:
- True Own Occupation Coverage: With the optional Own Occupation Rider, this policy provides true own occupation protection, meaning you can receive benefits if you’re unable to perform your specialized duties but are still able to work in another capacity. This is especially beneficial for physicians and dentists who might transition to non-clinical roles.
- Residual Disability Coverage: The policy offers three levels of residual disability coverage—Basic, Enhanced, and Short-Term—which provides benefits if you’re partially disabled and experience a loss of income or duties due to an illness or injury.
- Family Care Benefit: This exclusive feature allows you to collect benefits if you need to take time off work to care for a family member with a serious health condition, provided you meet the required loss of income and work hours.
- Optional Riders: Other optional riders include:
- Catastrophic Disability Rider: Offers additional benefits if you’re unable to perform daily living activities or suffer from severe cognitive impairment.
- Cost of Living Adjustment (COLA) Rider: Increases your monthly benefit to account for inflation.
- Student Loan Rider: Helps pay for student loans if you become totally disabled.
- Non-Cancelable Rider: Locks in your premium rates, ensuring they don’t increase over time.
- Automatic Increase Benefit: This feature increases your coverage by 4% annually for the first five years without needing to prove medical insurability, ensuring your policy keeps pace with your income growth.
Why It’s Popular for Physicians:
Physicians and other medical professionals often choose Platinum Advantage due to its customizable coverage, including the Own Occupation rider and protection for residual disabilities. Its flexible benefits, like the Family Care and Student Loan riders, make it a comprehensive plan for those looking to safeguard their income and future.